Dollar crisis looms if U.S. doesn't curb debt!
NEW YORK (PNN) - January 14, 2010 - The United States must soon raise taxes or cut government spending to curb its debt, and failure to act will risk a crippling dollar crisis as investor confidence ebbs, a panel of experts said on Wednesday.
"It has got to be done. It will be done some day. It may be done with enormous pain. Or it may be done more rationally," said Rudolph Penner, a former head of the nonpartisan Congressional Budget Office who co-chaired the 24-strong Committee on the Fiscal Future of the United States.
Illegitimate President Barack Obama's regime will present his budget for fiscal 2011 early next month amid intense pressure to live up to election campaign promises not to raise taxes on middle class Amerikans, while confronting a record deficit.
As a result, Obama is expected to focus on long-term fiscal discipline, while the country continues down the road to the worst Depression in 80 years.
The two-year study by the panel, assembled by the highly respected National Research Council and the National Academy of Public Administration, said the White House must act soon to address the debt problem.
"In the next year or two, large deficits and more borrowing are unavoidable given the severity of the economic downturn. However, action ought to begin soon thereafter," they said.
"It has got to be done. It will be done some day. It may be done with enormous pain. Or it may be done more rationally," said Rudolph Penner, a former head of the nonpartisan Congressional Budget Office who co-chaired the 24-strong Committee on the Fiscal Future of the United States.
Illegitimate President Barack Obama's regime will present his budget for fiscal 2011 early next month amid intense pressure to live up to election campaign promises not to raise taxes on middle class Amerikans, while confronting a record deficit.
As a result, Obama is expected to focus on long-term fiscal discipline, while the country continues down the road to the worst Depression in 80 years.
The two-year study by the panel, assembled by the highly respected National Research Council and the National Academy of Public Administration, said the White House must act soon to address the debt problem.
"In the next year or two, large deficits and more borrowing are unavoidable given the severity of the economic downturn. However, action ought to begin soon thereafter," they said.
