Goldman Sachs chairman and chief executive officer Lloyd Blankfein in Washington, April 27, 2010. THE CANADIAN PRESS/AP, Susan Walsh
TORONTO - The chairman and CEO of Goldman Sachs Group Inc. says austerity measures are not the best path for the United States as a fiscal cliff looms.
Speaking to the Canadian Club of Toronto, Lloyd Blankfein said cutting spending can be done in the longer term, but now is not the time.
He says the U.S. can't austere itself to a higher GDP.
The fiscal cliff is what would happen if warring politicians in Washington don't get together this fall to extend programs and tax cuts helping keep the economy out of recession.
Blankfein says an environment in which being labelled a moderate is a pejorative is not conducive to compromise.
But, he says, these situations have a way of working out and even though the fiscal cliff lies ahead, it doesn't have to be a problem because the "basic guts" of it are good.
© The Canadian Press, 2012
19 Sep, 2012
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Source: http://www.globalnews.ca/Money/us+cant+austere+itself+to+a+higher+gdp+goldman+sachs+ceo+says/6442718128/story.html
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