Hoyer warned in a speech prepared for delivery to the Center for Strategic and International Studies that "unsustainable debt has a long history of toppling world powers" and that China, as a major holder of US debt, could challenge US leadership.Hoyer called for a "budget compromise" that would "restore our fiscal balance and health" and cited measures enacted by former presidents George Bush and Bill Clinton -- who both raised taxes to get US debt under control.
"And an agreement like that, to be implemented after the economy has fully recovered, is a necessity today," he said in his prepared remarks.
After we recover,
1.) Increase some taxes and
2.) Cut some spending
It's almost like he made sense ....
