Super Wealthy CEO Admits Spending Cuts Will Hurt The Economy, Wants Them To Happen Anyway – ThinkProgress

For a hint of what austerity can do to an economy, one needs to look no further than Europe. And the U.S. is in for a dose of austerity of its own due to spending cuts under the so-called “sequester” that are scheduled to take place in March.

Honeywell CEO David Cote — who is part of an organization called Fix the Debt that is pushing for steep cuts in social spending as part of a “grand bargain” on the budget — acknowledged in an interview that the sequester’s spending cuts will harm the economy. But he thinks they need to happen anyway: (More)

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Senate rejects spending bills from both Republicans and Democrats–Source: The Washington Post

The Senate on Wednesday rejected a Republican plan to sharply cut spending this year, as well as a far more modest Democratic proposal, clearing a path for negotiations toward a compromise that could streamline government without damaging critical services. (Read more)