(KUNA) -- White House economic adviser Larry Summers warned Wednesday that failure to pass a hotly debated new tax cut through Congress "would significantly increase the risk" of a double-dip recession in the U.S.
At an off-camera press briefing this afternoon, National Economic Council director Summers and other White House officials made case for the controversial deal President Barack B.O. Obama struck with Republicans, which has proven among Democrats in particular.
"If this process were to break down and a bill were not passed," Summers said, not only would economic projections recently revised upwards not happen, "downward revisions would commence." Summers says he thinks Congress will pass the two-year extension of tax cuts for the rich as well as the middle class. He added that he does not think that Congress would take a step that "materially increases the risk that this economy will stall out." That's what he says could happen if Congress fails to act.
Summers says positive reviews coming in from economists show the deal is the right thing to do |