SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Politics : I Will Continue to Continue, to Pretend....
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Sully- who wrote (35610)3/8/2011 11:55:41 PM
From: Sully-   of 35834
 
White House debt commission eyes a second recession

BELTWAY CONFIDENTIAL
By: Hayley Peterson 03/08/11 11:50 AM
Examiner Staff Writer

Leaders of the White House's deficit commission say the U.S. economy will sink into a second recession if lawmakers do not clamp down on entitlements such as Social Security and Medicare.

Erskine Bowles and Alan Simpson, who co-chaired the bipartisan deficit commission last year, warned members of Congress on Tuesday that failing to address bloated entitlement programs and needed tax code reforms could destabilize the nascent economic recovery within two years.

“This problem is going to happen long before my grandchildren grow up,” said Bowles, White House chief of staff to former President Bill Clinton. “This is a problem we are going to have to face up to it maybe two years, maybe a little less, maybe a little more.”

Simpson, a former Republican senator from Wyoming, said he expects a double-dip even sooner.

"Our bankers over there in Asia [will] begin to believe we are not going to be solid on our debt, that we are not going to be able to meet our obligations," said Bowles. U.S. debt now stands at $14.1 trillion. "Just stop and think a minute what happens if they stop buying our debt. What happens to interest rates? What happens to the U.S. economy? The markets will absolutely devastate us if we don’t step up to this problem. The problem is real. The solutions are painful, and we have to act.”

.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News