It appears that former Goldman Sachs CEO is headed to quick confirmation as Treasury secretary after his Senate confirmation hearing today. At the hearing Paulson discussed a wide range of issues from tax revenues to trade with China. Paulson spoke in favor of the President’s tax cuts on dividends and capital gains and that with more revenue coming in and a growing economy, we can focus on cutting spengding and deficit reduction. Paulson sounded upbeat onÃ‚Â our deficit problems:
A deficit equal to “2% of GDP is still within a realm of historical norm,” Mr. Paulson said. “Now that the economy is growing and revenues are coming in, we are in a better position to focus on deficit reduction and spending cuts.”Ã‚Â
The nominee spoke with optimism on addressing overhauls to Social Security and Medicare which the President has long set his sights with little success:
“It may seem naive to think these problems can be solved in a 2 1/2-year period, but I do believe we do need to begin the process of addressing them,” Mr. Paulson told members of the Senate Finance Committee.
To read more about Mr. Paulson’s goals for America as treasury secretary click here: