BREAKING NEWS

A fiscal warning from two former US budget chiefs

By REUTERS

APRIL 2, 2013 06:59

NEW YORK - Two former US budget chiefs who worked for presidents from opposing political parties said on Monday that the government should reduce military spending, scale back Social Security payments and end decade-old income tax cuts to reduce the federal deficit.

David Stockman, who was Republican Ronald Reagan's budget director from 1981 to 1985 and a key architect of tax-cutting policies, and Peter Orszag, budget director for Democratic President Barack Obama from January 2009 until July 2010, agreed the United States spends more on defense than is needed.

Both also said the country would be well-served if better-off citizens paid more taxes and took smaller benefits from the government in their old age.

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