Chuck Hagel: “I would like to report on a comment made this morning by a senior World Bank official warning of a looming global…”

“I would like to report on a comment made this morning by a senior World Bank official warning of a looming global recession. He says, ``We are probably at the end of the first cycle of a crisis and we are entering into a deep recession. And you could even use the term `depression'.'' The point here is IMF funding and MFN status and fast track, all of these combine together to be essential components of a trade policy, of a foreign policy, of a national defense policy that directs this Nation and directs the world. We can't just pick and choose--maybe this, maybe not this. But it has to be debated and viewed and acted on in total.”