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 US 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 Democratic House Majority Leader Steny Hoyer.
Hoyer, a close White House ally, said Democrats and Republicans in the US Congress must take the politically tough decisions needed to deflate the ballooning US deficit and tackle record-high US 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 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.
“The real work of cutting deficits is so easy to demagogue that it rarely succeeds, and will not succeed this time, without support from both sides,” he said in remarks prepared for delivery to the Brookings Institution think tank.
“That’s one of the reasons why the fiscal commission must not take any option off of the table, from raising revenues to cutting entitlement spending,” Hoyer said in the speech, which his office made public.
“This, then, is our turning point and our choice: the point at which we join the debt-ridden powers who saw the story of their greatness end in fiscal ruin, or the point at which we as a nation refuse that ending and write a new chapter.”
Total US public debt outstanding was at 12.44 trillion dollars as of February 26, and the US budget deficit for fiscal year 2010, which ends September 30, was projected to hit an all time record 1.556 trillion dollars.
Shocking photos document the devastating flooding pummeling San Francisco
San Francisco was battered by a heavy winter storm on Saturday that caused localized flooding throughout the city.
"A low pressure system off the Northern California coast Saturday hurled bans of strong downpours into the Bay Area, triggering a flood warning for San Francisco," KPIX-TV reported.
"San Francisco Muni officials tweeted that train service between West Portal to Embarcadero Station had been shut down due to flooding. Several streets were flooded in San Francisco’s western neighborhood including knee-high water at 15th Ave and Wawona," the station noted.
North Korea announces ‘test of very great importance’ occurred at the Sohae Satellite Launching Ground: report
North Korea state media reported on a "successful" test at a missile launch site.
"A very important test took place at the Sohae Satellite Launching Ground on the afternoon of December 7, 2019," a spokesperson for the Academy of the National Defense Science said.
The spokesperson said the test was "of great significance to the Central Committee of the Workers' Party of Korea.
#UPDATE North Korea conducts a "very important test" at its Sohae satellite launch site, state media reports, as nuclear negotiations between Pyongyang and Washington remain deadlocked https://t.co/abYhRDvBic pic.twitter.com/neCYEQTEhf
Here’s why Ukrainians are shocked about Rudy Giuliani’s new associate
President Donald Trump's personal attorney is causing "shock" among Ukrainians for working with Andrey Artemenko, according to new reports.
"In an attempt to exonerate President Donald Trump, Rudy Giuliani has been working with right-wing media outlet One America News Network (OAN) to produce a television special featuring a string of current and former Ukrainian officials defending Trump’s conduct in withholding military aid to Ukraine and seeking investigations of the Bidens," Law & Crime reported Saturday.