Friday, July 29, 2011

Extending Debt Ceiling Good for Economy

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"...if we do austerity, deep spending cuts immediately there's a certain camp that says that's not great, 1% gdp economy. okay, fine. We'll go, get a few cuts until January of '13 then do the big $4 trillion cut. I would pass a longer term extension of the debt ceiling. how long? One and a half to two years.  I would do as much cutting as can be agreed upon right now. I would put in place a bipartisan congressional committee that like the base closings is an up or down vote and if it can't pass then revert to McConnell and let the president propose a plan that two thirds of both houses have to overturn. I would set the bar at $4 trillion and if the congress can't do it let the president do it, whoever the president might be...." -- Ralph Schlosstein, BlackRock co-founder.

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