CBN News – One Fiscal Crisis Averted; Another Just Beginning

3 Jan

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One Fiscal Crisis Averted; Another Just Beginning

This week’s fiscal cliff agreement may have averted one crisis, but the work to avoid an economic disaster is only just beginning.

Experts say the $620 billion in higher taxes due over the next decade from wealthy Americas will barely touch deficits still to come.

“We’ve got nothing on the table right now talking about fundamental problems which includes too much spending, money printing, borrowing,” Bill Frezza, a fellow at the Competitive Enterprise Institute, said.

“Rome wasn’t destroyed in a day,” he continued. “It takes a long time to run down a large economy and run down a large empire. We are on that glide path now, and there is no reason to believe this is going to change.”

Watch all of Frezza’s comments, as seen on CBN Newswatch, Jan. 2 by clicking here.

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