Pete Peterson: stimulate the economy now
Short-term stimulus OK
Pete Peterson supports a short-term fiscal stimulus only if it is paired with long-term deficit reduction and faults both political parties for their unwillingness to cut specific government programs.
Cut spending, raise taxes
Peterson discusses the unsustainable path of U.S. fiscal policy and calls for cuts in spending on entitlements, defense and tax subsidies for the rich and corporations.
Blackstone founder on the GOP
Peterson says Republicans have called for fiscal responsibility, but have actually contributed to deficits. If the U.S. economy is to improve, Peterson says the GOP and business leaders need to do more.