- Joined
- Mar 10, 2012
- Messages
- 1,895
- Points
- 0
As Clinton sounds interest rate alarm, does Congress think it's for real?
With a lame-duck session of Congress set for the weeks after the Nov. 6 election, members of Congress face the task of taking steps
to reduce the deficit before inevitable interest rate hikes push the nation into a debt crisis with profound, long-lasting consequences.
Former President Bill Clinton gave a reminder of the task ahead as he renewed his warning Sunday about a surge in interest rates and
a potential debt crisis.
“If interest rates were the same today as they were when I was president, the payment on the debt, that is, what the taxpayers have
to pay every year, the financial debt (payments) would go from $250 billion to $650 billion a year,” Clinton warned.
While acknowledging that the U.S. economy right now is anemic, Clinton said, “When the economy starts to grow and people start
borrowing money again, and banks start loaning money to small businesses and not just big ones, interest rates will go up, because
there will be more competition for money.”
http://nbcpolitics.nbcnews.com/_new...e-alarm-does-congress-think-its-for-real?lite
With a lame-duck session of Congress set for the weeks after the Nov. 6 election, members of Congress face the task of taking steps
to reduce the deficit before inevitable interest rate hikes push the nation into a debt crisis with profound, long-lasting consequences.
Former President Bill Clinton gave a reminder of the task ahead as he renewed his warning Sunday about a surge in interest rates and
a potential debt crisis.
“If interest rates were the same today as they were when I was president, the payment on the debt, that is, what the taxpayers have
to pay every year, the financial debt (payments) would go from $250 billion to $650 billion a year,” Clinton warned.
While acknowledging that the U.S. economy right now is anemic, Clinton said, “When the economy starts to grow and people start
borrowing money again, and banks start loaning money to small businesses and not just big ones, interest rates will go up, because
there will be more competition for money.”
http://nbcpolitics.nbcnews.com/_new...e-alarm-does-congress-think-its-for-real?lite
Last edited:
