Former President Bill Clinton has renewed his warning about the importance of reducing the federal deficit before inevitable interest rate hikes push the nation into a debt crisis with profound, long-lasting consequences.Read the rest here.
“If interest rates were the same today as they were when I was president, the payment on the debt, that is, what the taxpayers have to pay every year, the financial debt (payments) would go from $250 billion to $650 billion a year,” Clinton warned on CBS’s Face the Nation Sunday.
Congress and President Barack Obama, he said, “can't let that happen” – so they must strike a deal on reducing deficits and debt.
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