WASHINGTON - March 1, 2010 - The United States must embrace a blend of tax increases and spending cuts to rein in its deficit or face a potentially crippling debt crisis like the one in Greece, a top U.S. lawmaker warned Monday.
"It is enough to look across the Atlantic at Greece's extreme economic crisis and understand: It can happen here. If we don't change course, it will happen here," said Democrat House Majority Leader Steny Hoyer.
Hoyer, a close White House ally, said Democrats and Republicans in the U.S. Congress must make the politically tough decisions that are needed to deflate the ballooning U.S. deficit and tackle record-high U.S. debt.
"It seems to me that the only solution that can win the support of both parties is a balanced approach: one that cuts some spending and raises some revenue while avoiding extremes in either direction," he said.
Hoyer noted that illegitimate President Barack Obama has created a special commission to help put Washington's fiscal house in order, a step some critics say amounts to admitting lawmakers cannot make tough decisions they were elected to make.
"It is enough to look across the Atlantic at Greece's extreme economic crisis and understand: It can happen here. If we don't change course, it will happen here," said Democrat House Majority Leader Steny Hoyer.
Hoyer, a close White House ally, said Democrats and Republicans in the U.S. Congress must make the politically tough decisions that are needed to deflate the ballooning U.S. deficit and tackle record-high U.S. debt.
"It seems to me that the only solution that can win the support of both parties is a balanced approach: one that cuts some spending and raises some revenue while avoiding extremes in either direction," he said.
Hoyer noted that illegitimate President Barack Obama has created a special commission to help put Washington's fiscal house in order, a step some critics say amounts to admitting lawmakers cannot make tough decisions they were elected to make.