Johnny Isakson R-GA:
Do we need to act this year? Is it better to act quickly?
Absolutely. Not acting moves the risk closer.... You have very few levers at this point...
Senator and former governor Mike Johanns R-NE:
Is there a point at which the debt market rebels?
I don’t want to be fire and brimstone. No one knows when this will happen.... It takes more than two years to turn the ship around.… Once you’ve waited too long, it’s hard to take radical steps.
Former US Treasury Secretary Tim Geithner:
It's an excellent study, although in some ways what you’ve summarized understates the risks...
We have read the study by Rogoff and Reinhart very carefully. They have demonstrated empirically that beyond a certain level, public indebtedness becomes damaging to growth.