Tags: Bob | Woodward | recession

Bob Woodward: US Is on Verge of Another Recession

Sunday, 30 Sep 2012 01:46 PM

By Amy Woods

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Newspaper editor and book author Bob Woodward appeared Sunday on CBS’ “Face the Nation” and said the U.S. economy is in shambles, and the country is on the verge of another recession.

Woodward, whose latest tome is titled “The Price of Politics,” participated in a panel discussion of the same topics that will be addressed during Wednesday’s presidential debate.

“This is off the charts,” he said of the economy. “We have conservative and liberals and both parties in a game of brinkmanship for the last three-and-a-half years, not solving the problems.

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“I’m really not overstating this . . . This government is going to have to go into the debt market beginning of next year and ask to borrow another trillion or two [trillion] dollars.”

Woodward was referring to the automatic budget cuts — which he also described as automatic tax increases — that are scheduled to hit early next year.

“If these things happen, you’re going to have a government-created recession,” he said.

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