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12196
“Retiring Gop Senator on Prospect of Financial Meltdown: 'I Think We are on the Edge of It Right Now'”
by msnbc.com - Nicholas Ballasy   
December 8th, 2010

 Retiring Sen. George Voinovich (R.-Ohio) told CNSNews.com in a videotaped interview on Monday that he believes America is teetering on the edge of a financial meltdown and that policymakers in Washington must immediately work on policies to avert it.

Pointing out that the Peter G. Peterson Foundation has estimated that the U.S. government faces $61.9 trillion in unfunded liabilities (in the form of promised entitlement benefits not covered by anticipated tax revenues), CNSNews.com asked Voinovich: “How long do you think the United States has before there is a financial meltdown?”

“I think we are on the edge of it right now. I really do,” said Voinovitch. “If we don’t do something about dealing with the debt and the budgets that aren’t being balanced for as far as your eye can see, we are over the cliff. We are on thin ice right now. And I don’t think that we can wait. We need to move forward. We need to move forward for our own benefit, but we also need to move forward because the world is watching us right now.”

Voinovich, who did not run for reelection this fall, has served on the Senate Appropriations Committee. He formerly served as governor of Ohio and before that as mayor of Cleveland.

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