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Right now our national debt racing to sixteen trillion dollars also this week the CBO saying a fiscal cliff scenario.
Would plunge the nation into -- recession.
But one leading economist says he sees light through -- gloom and doom Mark Zandi chief of Moody's economy.
Dot com he says quote it feels like political stars are now aligning so that regardless of who wins big next election.
Under almost any scenario they will get it together odds are good they will come up with a plan that addresses the fiscal cliff.
The treasury debt ceiling which expires early next year and fiscal sustainability in quote and -- is now joining me.
Mark Zandi also by the way has a new book coming out September 12.
It's called paying the price ending a Great Recession and beginning a new.
American century mark let's get right to it -- and why are you so optimistic.
Well I have most fundamentally I think American businesses are in good financial shape you know they've -- a lot of hard work during the recession their profits are now at record levels.
Profit margins are never been higher and they've done good job getting debt standing getting their balance sheets -- -- so.
It's no longer a question of can American businesses invest and hire more aggressively.
-- no question of of confidence a question of willingness and you you mentioned fiscal issues and of course there's Europe there's lot things to be worried about but.
I think if we can get a bit of clarity with regard to those issues -- -- better fundamentals will shine through the Heidi -- -- clarity regarding those issues.
And well it's gonna take some good reasonably good policy making and perhaps a little bit a -- I think I think in the case of Europe.
We're getting a little bit of both.
It's it's a process it's in the Europeans are working as fast as.
-- -- would like that with each round the financial turmoil coming out of Europe.
They seem to be getting it together and doing the right things and and I and I do you think by this time next year.
Most of those issues will be behind us.
The fiscal issues of course they're very big and we'll have to wait till after the election to to see how the election goes in what the landscape looks like.
But what I -- -- think that I had to look for me mark because you're saying here's that first decision doesn't matter who wins the election.
-- -- -- saying we have to wait until after the election of course governor Romney he's running on.
That -- his strength as a good businessman and he says he's the one to turn around -- economy but you're saying it doesn't matter who wins the election.
Yeah I -- I think of regardless of who wins it all either President Obama lower president Romney.
-- they've they've got to address the fiscal cliff and they will they have to raise it treasury debt ceiling and they will.
They had to lay out a credible path of fiscal sustainability the tax revenue increases spending cuts that are necessary.
-- stabilizer debt to GDP so I think those three things -- happen because both Democrats and Republicans again regardless of who wins.
What have leverage in because of that they'll come to an it's Google content.
Terms that are sufficient to lay the foundation for this better economy.
-- -- confident that congress will get together some Americans are not so confident according to post but.
We wish for the best for our economy our great nation so Mark -- -- that I have to say good -- And I think -- fewer times here.
I think you.
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