Presidential Advisers: Slash Spending Now — Or New Meltdown Will 'Dwarf' 2008Submitted by bobbyw24 on Thu, 03/24/2011 - 14:13
America’s gaping budget deficit could lead to a crisis that would “dwarf” the meltdown of 2008 — and to get the country out of its fiscal mess, the government must slash spending substantially, according to 10 former members of the President’s Council of Economic Advisers.
The economic experts — former chairmen and chairwomen of the council serving both Republican and Democratic administrations — issued the warning in an open letter published by Politico.
They say recommendations by budget watchdogs Erskine Bowles and Alan Simpson, arguing that the long-run federal budget deficit will pose a serious threat to the economy, need much more attention from both political parties. Bowles and Simpson co-chaired the White House’s deficit-reduction commission in 2010.
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