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Mortgage News You Can Use
Treasury's Snow blames war on terror for US deficit WASHINGTON, Feb 12 (Reuters) - U.S. Treasury Secretary John Snow said on Thursday that current budget deficits, while unwelcome, were necessary because the United States was pushed into a war against terror when it was unprepared for it. "We are fighting an enemy that requires a much broader variety of government resources than anything we've ever confronted," Snow said in prepared remarks for delivery to the Senate Finance Committee. "And we began this fight when we were economically wounded." Snow said President George W. Bush "inherited an economy that was in decline" when he took office in 2001 and that was further battered by the terror attacks of Sept. 11, 2001 and later by corporate scandals that sapped confidence. The Treasury chief appeared before the committee to discuss Bush's $2.4 trillion election-year budget that includes a record $521 billion deficit. Snow said the proposal to cut the deficit in half within five years "by controlling spending and growing our economy" was feasible and said the economy was now on the right track to achieve it. "(The) economic indicators all point to the same conclusion: economic growth is robust and will be sustained," Snow said. Back to Original Article: News You Can Use | |||||
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