"If we accept Genesis 1 as ancient cosmology, then we need to interpret it as ancient cosmology rather than translate it into modern cosmology. If we try to turn it into modern cosmology, we are making the text say something that it never said. It is not just a case of adding meaning (as more information has become available) it is a case of changing meaning. Since we view the text as authoritative, it is a dangerous thing to change the meaning of the text into something it never intended to say." -- John H. Walton, Ph.D (From here.)
Dr. Walton received his Ph.D from Hebrew Union College and is professor of Old Testament at Wheaton College.
Related reading: Review of Walton's The Lost World of Genesis One: Ancient Cosmology and the Origins Debate; Genesis One as Ancient Cosmology