◼ Tax Hikes on Top Earners? Bloomberg Says Now Is Not the Time - FOX
New York City Mayor Michael Bloomberg said Sunday that a rating agency's decision to downgrade the U.S. debt outlook sends a "warning" about the need to balance the budget. But he said tax hikes on upper-income Americans are not the way to do it....
Bloomberg said Standard & Poor's decision last week to lower the U.S. debt outlook to "negative" from "stable" should send a message that it's time to get serious about the deficit. The agency upheld the country's credit rating, but cautioned that if political deadlock prevents a deficit-reduction plan from being approved, that credit rating could be in danger.
"I don't know that we're in big trouble, but we certainly could be very easily. I think this is a warning," Bloomberg said. "We cannot continue to spend money we don't have. Deficits do matter."
