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Mr. Paulson issued the following statement after the breakfast:
“Now is the time for action on both raising the debt ceiling and tackling the U.S. debt and deficits through significant and lasting spending reduction, entitlement reform and tax reform. Our growing debt is the single largest threat to our nation’s future.
Real reform that puts us on a sustainable fiscal path is critical to U.S. economic competitiveness. This is not an easy task, and will involve tough decisions on all sides. I am confident that this administration and Congressional leaders in both parties are working in good faith toward a solution.
And the sense of urgency is clear – failing to raise the debt ceiling would do irreparable harm to our credit standing, would undermine our ability to lead on global economic issues and would damage our economy.”
A former advisor to the Bush administration has told CNBC every American will have to work 10 years longer than they thought to pay off the US debt mountain.
"Yes it is a serious problem but the US can easily fix it by having everybody work 10 years longer which they'll do anyway,” she said.
Originally posted by Rockdisjoint
reply to post by lokdog
You shouldn't hit women.