NEW YORK (AP) — New York City Mayor Michael Bloomberg says Congress' deficit-fighting "supercommittee" must take bold action to balance the budget.
In a speech in Washington on Tuesday, Bloomberg said U.S. business leaders won't invest or hire workers until they know how Washington intends to grapple with the deficit. He says business leaders' lack of confidence in Washington is a drag on job creation.
The supercommittee has until Nov. 23 to recommend legislation.
According to the prepared text of his speech to the Center for American Progress, Bloomberg says Democrats and Republicans on the committee have to be willing to give on something.
He says Democrats must accept cuts in health care and Social Security, while Republicans should allow George W. Bush's tax cuts to expire at the end of 2012.
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