Aspen, Colorado (CNN) -- Former President Bill Clinton urged the Obama White House to remain steadfast over its pledge to increase the federal debt ceiling by August 2. "This is the political equivalent of the government shutdown when I was president," Clinton said. "The White House could blink. I hope not." Clinton made his argument in front of a large crowd at the left-leaning Aspen Ideas Festival in Colorado Saturday. Should the United States default on its payments, the country's credit ratings will decline, Clinton said, and interest rates could rise. Growing anti-government forces like the Tea Party are truly affecting healthy government reform, Clinton said. "It's astonishingly good politics," he admitted, "but poor economic policy." An economic recovery will require both a healthy private sector and an effective government, Clinton said. To prove that point, President Barack Obama and the Democrats should immediately accept previously agreed-upon spending cuts with Republicans that would allow the government to continue to run for another six to eight months. Then both parties must work together toward serious budget reform, which cannot possibly happen by August 2, he added. Republicans have done the right thing by conceding on defense cuts and reducing ethanol subsidies, Clinton said. Still, both parties must accept many of the recommendations of a bipartisan commission led by former Republican Senator Alan Simpson and former Clinton Administration Budget ...
Keywords: barack, clinton, economic, analysis, election, economy, politics, interview, sarah, teaparty, finance, news, battle, bush, biden
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