Paulson calls for debt-ceiling hike, spending cuts

Paulson calls for debt-ceiling hike, spending cuts

July 22, 2011, 9:41 am

Former Treasury Secretary Henry Paulson called for the debt ceiling to be raised and for spending cuts after meeting with Treasury Secretary Timothy Geithner. "Now is the time for action on both raising the debt ceiling and tackling the U.S. debt and deficits through significant and lasting spending reduction, entitlement reform and tax reform," Paulson said in a statement.