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BruceMajors <http://www.youtube.com/user/BruceMajors?email=share_video_user>has shared a video with you on YouTube: <http://www.youtube.com/watch?v=YOtOqDyH_x8&feature=email> Veronique de Rugy: The Facts About Spending Cuts, the Debt, and the GDP<http://www.youtube.com/watch?v=YOtOqDyH_x8&feature=email> Raising the debt limit might put off a downgrade disaster in August, but that still isn't enough—as Standard & Poor's recent warning made clear. Perhaps the most important shot not heard around the world was S&P's other admonition: Namely, that the U.S. bond rating will be downgraded in three months, if not sooner, unless we do something about government spending. Beyond raising the debt limit, S&P laid out clear criteria for avoiding a downgrade: 1) reduce the debt by about $4 trillion; 2) agree to a credible plan within three months; and 3) guarantee that this newfound fiscal discipline will actually stick. If S&P isn't bluffing, then lawmakers should get serious about reducing the debt-to-GDP ratio, and they should do it quickly. But how do we achieve such a task? In her latest appearance on Bloomberg TV, Reason columnist and Mercatus Center economist Veronique de Rugy explains the facts about spending cuts, the debt, and the GDP. more By the way, did you know you can rent movies from YouTube? Check it out now: youtube.com/movies <http://www.youtube.com/movies?feature=mm_mv_auto_email>. © 2011 YouTube, LLC 901 Cherry Ave, San Bruno, CA 94066 -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
