Tax hikes are risky are not the way to go Bloomberg explained as he said the recent downgrade on US debt was a warning. He said its time to get serious about the deficit.

FOX News.com

EXCERPTS:

“I just think this economy nationwide is at a point where it really could go either way,” Bloomberg told “Fox News Sunday,” explaining why he thinks a tax hike could be too risky.

The billionaire mayor praised Democrats and Republicans alike for offering plans aimed at reducing the deficit and stabilizing the debt. But asked about President Obama’s pledge to let the Bush tax cuts for households earning more than $250,000 expire, Bloomberg said now is not the time for that kind of tax increase. However, he said if Washington ultimately agrees to raise rates, it should be accompanied by “meaningful cuts” in spending.

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