McCain: ‘Draconian measures’ necessary to prevent fiscal crisis

Sen. John McCain (R-Ariz.) argued critics of the recent
spending cuts agreed to by both parties in Congress are ignoring the dire
fiscal path he said the U.S. is currently on.

McCain said a fiscal meltdown is likely unless
“draconian measures” are taken, and that only the “most liberal”
economists don’t agree the nation’s current fiscal trajectory is unsustainable.

The remarks came during a press conference on commercial
privacy Tuesday on the Hill. McCain and Sen. John Kerry (D-Mass.) both answered
a question on the budget deal reached this weekend, with Kerry expressing
dissatisfaction with the process through which the accord was reached.

{mosads}Kerry argued cuts to infrastructure projects like railroads
or research funding would undermine the nation’s ability to compete in the
global economy. He argued Congress had managed to balance the budget in the
1990s without undermining the building blocks of future success and innovation.