A long-term solution to the federal budget deficit must include spending cuts and increased
revenue, Alcoa Inc. Chairman and CEO Klaus Kleinfeld told the CNBC Squawk Box crew this morning.
Kleinfeld called a downgrade in the US credit rating or a default “a nuclear option” and urged Congress and the President must come to terms on a plan that “gets us over the hump.”
The current debate is sucking the air out of the economy, Kleinfeld said, but he’s optimistic a deal will be reached on the debt ceiling before the Aug. 2 deadline.
I’m not so confident a deal beating the deadline, but Kleinfeld is right about one thing it will take spending cuts and increased revenue to solve the deficit problem. Not just one, but both.
Kleinfeld Squawk Box interview:
Getting America Back on Track
This entry was posted in
Economy and tagged Alcoa Inc., CNBC, Congress, credit rating, debt ceiling, deficit debate, Economy, Klaus Kleinfeld, nuclear option, president, Squawk on . July 27, 2011
The Associated Press reports that Moody’s Investor Service
may downgrade Tennessee’s credit rating.
If that happens, it would cost state taxpayers plenty.
Avoiding a downgrade is another reason why Tennesseans should insist that Congress and the White House compromise on the debt ceiling issue.
Here’s why Moody’s has put Tennessee on notice:
With calls growing for Congress and the President to put aside politics, will the Washington politicians finally reach agreement on the debt ceiling controversy?
I doubt it. Look for a few more days of political theater. The deadline is still a couple weeks away, after all.
Eventually the pols will act. It’s hard for them to ignore political self-interest, but they have to do what’s best for the country, right?
This entry was posted in
Economy and tagged Ben Bernanke, Business Roundtable, Congress, credit rating, debt ceiling, Economy, Financial Services Forum, Moody's Investor Services, National Association of Manufacturers, Partnership for New York City, President Obama, U.S. Chamber of Commerce on . July 14, 2011
For those who track these things, the city of Knoxville’s credit rating was boosted today to Aa1 from Aa2 by Moody’s Investors Service, the city announced.
That’s the second highest rating available and “the third year in a row that one of the three major bond rating agencies — which provide information to investors — has either upgraded or affirmed the city’s credit rating, the release says.