The Text:<\/strong> Microsoft Corp (MSFT). co-founder Bill Gates said the wealthy should pay more as the U.S. continues to grapple with how to rein in its budget deficit.<\/p>\n\u201cThere\u2019s no doubt that as you look at balancing budgets to the degree you need more revenue\u201d that lawmakers will need to look to the wealthy \u201cto get a little bit more from them proportionately than you get from people as a whole,\u201d Gates said in an interview with Bloomberg Television before speaking at the Peterson Foundation fiscal summit in Washington today. \u201cI think that\u2019s pretty likely.\u201d<\/p>\n
Later, Gates, the world\u2019s second richest man and co-chairman of The Bill and Melinda Gates Foundation, said the U.S. is compromising its \u201cvalues\u201d in its approach to reducing federal spending.<\/p>\n
<\/p>\n
The automatic spending cuts, known as sequestration, that took effect earlier this year target discretionary spending programs including education, infrastructure and research, which Gates said he finds worrisome. \u201cThe sequester, I don\u2019t think reflects our values,\u201d he said. \u201cThere will have to be a discussion about funding the future.\u201d<\/p>\n
Health-Care Law<\/strong><\/p>\nSeparately, former President Bill Clinton, who joined Gates on stage at the event, said the U.S. should give President Barack Obama\u2019s health-care law time to work before proposing major changes as part of debate over the budget deficit.<\/p>\n
\u201cWe really need about five years to see if the drivers in the health-care law,\u201d he said, \u201cto see if that works.\u201d<\/p>\n
Clinton\u2019s wife, former Secretary of State Hillary Clinton, is considered a potential candidate for the 2016 Democratic presidential nomination. In closing his remarks, Clinton didn\u2019t deny that his wife has political ambitions, saying it\u2019s important not to \u201cget off on to politics too early.\u201d<\/p>\n
Hillary Clinton is \u201chaving a little fun being a private citizen for the first time in 20 years,\u201d he said.<\/p>\n
Democratic and Republican congressional leaders expressed skepticism that Congress is close to reaching a bipartisan agreement on addressing the U.S. debt and budget deficit.<\/p>\n
Patty Murray, a Washington Democrat and chairwoman of the Senate Budget Committee, said on a panel at the fiscal summit that the inability of congressional lawmakers to work together is hurting the nation.<\/p>\n
\u2018Crisis\u2019 Managing<\/strong><\/p>\n\u201cAll of us are tired of managing by crisis. It\u2019s hurting our businesses, it\u2019s hurting our families,\u201d she said.<\/p>\n
Senate Majority Leader Harry Reid yesterday proposed that Democrats and Republicans create a conference committee to work out their differences on their budget resolutions. \u201cWhy can\u2019t we sit down as reasonable men and women and work out our differences?\u201d Reid said.<\/p>\n
Representative Paul Ryan, chairman of the House Budget Committee, said today at the summit that Republicans object to the timing of a conference committee.<\/p>\n
\u201cWe don\u2019t want to go to conference for the sake of going to conference. We want to get a deal,\u201d said Ryan, a Wisconsin Republican. Going to conference before there is basic agreement among lawmakers would be counterproductive, he said.<\/p>\n
Ryan said he doubts that lawmakers in Congress can agree on a significant plan to address the budget deficit and other fiscal priorities.<\/p>\n
\u201cI don\u2019t think we\u2019re going to have a grand bargain,\u201d he said. \u201cA grand bargain implies you\u2019re going to fix the problem.\u201d Ryan said the goal should be an incremental approach, or \u201csomething that\u2019s realistic.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The Article: Gates Says Wealthy Should Pay More to Help Reduce Deficit by Heidi Przybyla in Bloomberg Online. The Text: Microsoft Corp (MSFT). co-founder Bill Gates said the wealthy should pay more as the U.S. continues to grapple with how to rein in its budget deficit. \u201cThere\u2019s no doubt that as you look at balancing […]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259],"tags":[],"yoast_head":"\n
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![\"Bill](\"http:\/\/www.prosebeforehos.com\/wordpress\/wp-content\/uploads\/2013\/05\/bill-gates.jpg\")
<\/p>\n