P. M. Briefing : Banker Urges U.S. Deficit Cuts
The United States must speed up reduction of its budget deficit if it wants to avoid recession, William Purves, chairman of the Hongkong and Shanghai Banking Corp, said today.
“The U.S.A. is already the world’s largest debtor nation, and the balance is rising fast. I’m amazed that some of the world’s most able businessmen do not insist that action be taken,” Purves said at a conference on the future of Asia-Pacific economic relations.
He said the United States should introduce higher taxation and decrease expenditures.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
