January 26, 2011
The White House plan to partially freeze government spending is just “spare change” compared to a budget deficit of more than $1 trillion and eventually the US will have to raise taxes, economist Nouriel Roubini of Roubini Global Economics told CNBC Wednesday.
President Barack Obama proposed a five-year freeze on non-discretionary defense spending for five year to lower the deficit by about $400 billion.
But more actions will be needed to seriously tackle the deficit, Roubini said at the World Economic Forum in Davos, Switzerland.
This article was posted: Wednesday, January 26, 2011 at 10:49 am