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Hagan urges bipartisan approach to US debt & fiscal future during UNC panel discussion
Story Date: 7/26/2011
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Source: PRESS RELEASE, 7/25/11
Following her “Fighting for our Future” budget listening tour, U.S. Senator Kay R. Hagan (NC) today convened a non-partisan panel discussion hosted at UNC’s Kenan Institute of Private Enterprise on “The Debt Crisis & Saving our Fiscal Future.” Moderated by national journalist and North Carolina native Charlie Rose, the discussion brought together a panel of budget leaders and fiscal policy experts to examine the challenges and potential solutions to shaping a prosperous and sustainable fiscal future.
“I convened this panel not as a member of any party, or a flag bearer for any one set of ideas, but as a representative who is just as concerned about our fiscal future as the North Carolina families I talk to everyday,” Hagan said following the panel discussion. “We must avoid a default crisis, reduce spending across the board, and reform our tax code to eliminate loopholes and make it fairer and simpler for everyone.”
“At the same time, we cannot neglect our obligations to our seniors or place undue burdens on working families. And we must continue to invest in the programs and priorities that strengthen our nation: our military and veterans, education, infrastructure, and research and development.”
To view the full video of the event from WRAL, who live webcast the panel discussion, click here.
Panel participants included:
• U.S. Senator Kay Hagan, (NC), a member of the Senate Committees on Banking, Small Business and Entrepreneurship, Armed Services, and Health, Education, Labor and Pensions (HELP);
• John Spratt, former Chairman, U.S. House of Representatives Budget Committee, and Member, National Commission on Fiscal Responsibility and Reform;
• John Weinberg, Director of Research, Federal Reserve Bank of Richmond;
• Mark W. Yusko, Chief Executive Officer and Chief Investment Officer, Morgan Creek Capital Management LLC.;
• Dr. Gregory W. Brown, Sarah Graham Kenan Distinguished Scholar and Professor of Finance, UNC Kenan-Flagler;
• Maceo K. Sloan, Chairman of the College Retirement Equities Fund (CREF) Board of Trustees; and
• Moderator Charlie Rose, Emmy Award-winning journalist, North Carolina native, and host of the nationally-syndicated “Charlie Rose” show.
“These problems are difficult, no question they are daunting, but they are not insurmountable,” said Spratt. “Even without the debt ceiling looming over us we would be faced with the fiscal reality later rather than sooner maybe, but the later we wait and the more debt we incur, the more we tempt fate.”
"It's very tempting to just kick this down the road from a political perspective,” said Brown. “Potentially positive developments are increasingly overshadowed by unproductive political drama. I think it's time to take a more reasoned approach to the U.S. fiscal situation."
“What happens if the debt ceiling is not raised?,” Weinberg asked. “The immediate thing that it would imply is it would imply a cash flow problem for the U.S. government. Without being able to raise new debt, then that limits the cash flow the government has available to pay the things it needs to pay. That sort of disruption…would certainly have significant negative consequences for the economy, for aggregate spending, the path of the economy and unemployment as well.”
The panel discussion is the capstone event for Hagan’s “Fighting for our Future” tour. With Washington drowning in red ink and deficit reduction negotiations mired in partisanship, Hagan hosted listening sessions to hear from North Carolina community and business leaders about their ideas to reduce our deficit and debt without abandoning critical growth investments. Hagan held forums in Raleigh, Greensboro, Charlotte and Wilmington.
“The challenges of reducing our debt and deficit are undoubtedly difficult, but they’re not impossible,” said Hagan. “Not if Washington takes to heart the message of principled compromise and leadership I received from North Carolinians. Washington must commit to a balanced plan that calls for shared sacrifice from us all, while making the critical investments we need for a prosperous American future.”
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