'Heading for default': Hassett warns US must get a grip on spending

Former Council of Economic Advisers Chairman Kevin Hassett discusses the need for spending cuts amid America's rising debt problem on 'Cavuto: Coast to Coast.' #foxbusiness #cavuto

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[Erikkurilla]

It is a government inspired crisis this time. The Treasury have to sell Bonds to cover the trade imbalance and the government spending imbalance. In order to sell them they have to raise interest rates and the old long-term, low risk, low interest, AAA investments (including Treasury Bonds), held by the banks (often due to government regulatory policy), become next to worthless. The next milestone is the 15th when the government issue a new batch of Bonds. I have approximately $350k stagnant in my port_folio that needs growth. What is the best way to take advantage of this downturn?

[curtisleeyork]

We WILL default this year. I am confident that Biden will make the wrong choice.

[yolandamelendez]

ALL THANKS TO THE BIDEN/HARRIS ADMINISTRATION

[ckk]

I’m sick and tired of this administration, but no other country to go! I love America so much now I felt lost.

[NikosDelight]

You can really tell a lot about the intelligence level of a country's people just by the leaders that they vote for America !

[maxhobby]

Go into default long as it brings Biden and the Democrats down with it

[lenastropestrope]

If only they could pass this bill as fast as they did the Omnibus. But I guess there's no Christmas party to get to

[smantill]

How about cutting congressional pay until they have a balanced budget

[otishall]

If it's circling the drain, don't stop it . Had to end some time. Time to start over, with debt, and all the politicians, who need to go.

[anthonycicarelli]

Watching Biden and Harris perform is in my sick mind watching a mother tell her 300 pound daughter she can be a ballerina.

[patriotusa]

STOP spending. Simple, even a high school student could figure this out.

[DWErickson]

Gosh how does Zalinski fell about this? or is Time for American's to tighten their belts so Dems can keep spending our money! Not enough for both.

[oklahoma]

Never ! thE CIRCUS must go on the clowns keep everyone happy !

[rossmeldrum]

This is the day everyone was hoping would never come, but it's time to pay the piper and they don't have the coin. This is what you get for kicking the can down the road too many times. It's the sound of inevitability and the bill always comes due.

[markhirstwood]

2:59 - Cutting off your guest, overtalking him, just rude and obnoxious. Next.

[henryannis]

They need to create a law where each years budget needs to show a minimum of a 20% surplus, then just maybe in a hundred years or so America would have, a manageable debt. Have a great day.

[stevenorosz]

Ive never seen so many homeless people as i have lately. Government spending cuts are needed badly and the United States needs to be pumping oil.

[garyt-ofyb]

WE HAVE CONSERVATIVES AND WE HAVE DEMOCRATS IT'S LIKE THE DIFFERENCE BETWEEN HEAVEN AND HELL!

[mattbailey]

This is where we pretend the debt is going to be paid lol

[EdwardJackson-wtuc]

A cap and you need 75% of congress to go past it.