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  • vensh vensh Feb 15, 2013 3:26 PM Flag

    Will Republican Congress Kill Recovery?

    "We all know that our problems are less economic in nature and more political in nature," says [POMCO chief] El-Erian. "The biggest setback is that [Congress] fabricates problems."
    The self-inflicted wounds he refers to in the video are the upcoming sequestration cuts, the expiration of the continuing resolution and the debt limit debate.
    "It has been four years since Congress has approved a national budget and that is the most fundamental element of governance," he says. "We need to stop creating these headwinds."
    When it comes to the budget and long-term deficits he suggests that a "mix of both" spending cuts and revenue hikes are necessary. Our debt load is not a problem that can be solved by a one-sided approach, he notes

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