If there is any doubt about the importance of facing up to these long-term imbalances, the news that was spread across the front page of the New York Times today on 'China Losing Taste For Debt From U.S.' ought to be a warning signal to us all.
Gregg cites a New York Times article as a warning about U.S. debt reliance on China.
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The budget process is probably not going to be that process, because the budget process is inherently partisan.
You know, the United States is one debt deal away from leading the entire world out of economic doldrums.
I don't think that's going to happen. On the bigger issue of the 1990s versus today, I do think there is structural differences.
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