Michael Bloomberg: 'Impossible' to Reduce Long-Term Deficits with Spending Cuts Alone

New York City Mayor Michael Bloomberg believes a U.S. default on its debt obligations would be a "seismic event" that would damage "America's word" and its status as a dependable financial standard. He even is willing to see his taxes increase in order to reach a long-term budget agreement. "I don't think anybody will look ever again at America and the dollar as the reserve currency, where this is the standard by which all other risks are measured," if the U.S. defaults on its debt...Full Story
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