Larry Summers testified before the Senate Budget Committee on June 4, 2013, stating that further austerity measures are not the right choice for the United States at this time. In his testimony Summers said, “It would not be desirable to undertake further measures to rapidly reduce deficits in the short run. Excessively rapid fiscal consolidation in an economy that is still constrained by lack of demand, and where space for monetary policy action is limited, risks slowing economic expansion at best and halting recovery at worst.” Read the full testimony here.
Senate Budget Committee Testimony
June 5th, 2013