Tags: Trump | Politicians | Compromise | reforms

Trump: Politicians to Compromise as Voters Become More Disgusted

Tuesday, 26 June 2012 10:05 AM

Expect politicians to compromise and make economic reforms next year as they abandon the brinkmanship that has become a trademark of recent policymaking, says real-estate mogul Donald Trump.

Politicians know voters are fed up with finger-pointing and bickering that gets in the way of solving problems, as evidenced by the country's near default in the 2011 debt-ceiling debacle.

"After the election, I think things will get different regardless of who wins," Trump tells CNBC.

Editor's Note: The Final Turning Predicted for America. See Proof.

"People in Congress and in the Senate realize what trouble this country is in. We are in serious, serious trouble, and if it goes for another four years like this, you are going to see results like we have never seen since the Great Depression. Something has to be done, and it has to be done quickly."

Partisan bickering reached a fever pitch in 2011, when neither side could agree on terms to lift the country's own debt ceiling and avoid default.

Both sides agreed on terms at the last second and raised the country's borrowing limit, though Standard & Poor's downgraded U.S. ratings anyway, pointing out the nation's leadership has been unable to deal with massive debt burdens.

Meanwhile in 2012, both sides of the aisle remained entrenched on tax issues, with the White House and Democrats championing the so-called Buffett Rule, which raises taxes on the wealthy, with Republicans arguing for lower taxes but with a broader base coupled with spending cuts.

"There's great hatred in Congress, there's great hatred in politics like I have never seen before. I've been involved in politics for many years and have never seen anything like it," Trump says.

"People don't get together like they used to and work out deals that are good for the country. Everybody has their own opinion and there is just no deal-making going on in Washington, which really is a problem with leadership."

As part of the compromise of the 2011 debt-ceiling agreement, automatic spending cuts are set to kick in at the end of the year, right at the same time when the Bush-era tax cuts and other tax holidays expire.

Economists worry the combination of the two occurring at the same time — known widely as a fiscal cliff — will siphon hundreds of billions of dollars out of the economy and throw the country right back into recession.

Even multilateral lending institutions such as the International Monetary Fund have warned failure to address the fiscal cliff today could derail the global economy, especially with the European debt crisis showing no signs of abating.

"Achieving a durable and prompt exit from the euro area crisis, as well as avoiding the U.S. 'fiscal cliff,' is crucial for sustained global recovery," the IMF said in a recent report, according to Reuters.

"More attention is required to tackle stubbornly high unemployment in the near term in advanced economies, while doing more to ensure the soundness of public finances over time."

Editor's Note: The Final Turning Predicted for America. See Proof.

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Tuesday, 26 June 2012 10:05 AM
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