Jim Nussle, the former director of the Office of Management and Budget under President George W. Bush, issued a warning Tuesday about the dangers of not raising the debt ceiling.

"There'll be repercussions that our economy right now doesn't need, doesn't deserve at a time when it's just trying to get back on its feet," Nussle said on CNBC's "Squawk Box ." "The politicians in Washington are doing this for their own personal or political or ideological gain."

He added that the economy was on the verge of creating more jobs, but cautioned that "we can't do that if there's no certainty, if there's no predictability, if people don't believe in the future of our economy."

Nussle, also a former Republican House member, has taken a stance in contrast to other Republicans who have minimized the consequences of not raising the debt ceiling. Rep. John Fleming (R-La.) recently told Politico that "nothing happens" if the debt ceiling is reached.

The Treasury Department expects the ceiling to be reached in mid-to-late October.

The Huffington Post reported last week that the House GOP's version of a bill raising the debt ceiling is likely to include provisions on Keystone XL, a one-year delay of the president's health care law and principles for tax reform.