Clin­ton, Dells work on global ini­tia­tive

Dell World

Austin American-Statesman - - BUSINESS - Con­tin­ued from B Con­tact Kirk Laden­dorf at 445-3622. ‘On bal­ance, I think the world is headed in the right di­rec­tion.’ Former Pres­i­dent Bill Clin­ton The government has run an­nual deficits for more than a decade, with the last sur­plus in 2001.

have a coun­try that grows younger still,” he told the au­di­ence of about 5,000.

“Crazy things will hap­pen in the world and politi­cians will do dumb things,” he said. “Bad things will con­tinue to hap­pen, but on bal­ance, I think the world is headed in the right di­rec­tion.”

One of the big chal­lenges ahead is fix­ing the bro­ken fed­eral bud­get process and whit­tling down the na­tion’s deficit spend­ing. Clin­ton said he ex­pects there will be a deal to avoid the fis­cal cliff, ei­ther late this month or early in Jan­uary.

Part of the key of a spend­ing deal, he said, will be to avoid dras­tic cuts in fed­eral spend­ing on ed­u­ca­tion, sci­ence and tech­nol­ogy re­search, be­cause those are tied to the na­tion’s fu­ture growth.

There is an ex­pand­ing re­la­tion­ship be­tween would push the econ­omy into a re­ces­sion.

The two sides have traded pro­pos­als for an alternative bud­get deal. Obama has called for $1.4 tril­lion in new rev­enue over 10 years, partly by rais­ing taxes on the wealth­i­est two per­cent of tax­pay­ers. He has also rec­om­mended $400 bil­lion in spend­ing cuts over a decade.

House Speaker John Boehner, a Repub­li­can from Ohio, has of­fered $800 bil­lion in new rev­enue and is call­ing for $1.2 tril­lion in spend­ing cuts. House Repub­li­cans want to raise the rev­enue by clos­ing loop­holes rather than rais­ing tax rates, as Obama is de­mand­ing.

The government has run an­nual deficits for more than a decade and Clin­ton’s am­bi­tious non­profit group, the Clin­ton Global Ini­tia­tive, and the Michael and Su­san Dell Foun­da­tion.

That foun­da­tion is spon­sor­ing the 2013 Clin­ton Global Ini­tia­tive Univer­sity, which helps train young lead­ers from many coun­tries. The 2013 event is at Washington Univer­sity in St. Louis in April and the foun­da­tion will sup­port the en­trepreneur­ship theme of the event.

The Clin­ton Global Ini­tia­tive was cre­ated in 2005 to gather global lead­ers to cre­ate and im­ple­ment in­no­va­tive so­lu­tions to the world’s most press­ing prob­lems. CGI mem­bers have made long-term com­mit­ments to sup­port a range of projects in more than 180 coun­tries. Taken to­gether, those com­mit­ments are val­ued at more than $73 bil­lion when they be­come fully funded. hit a record $1.41 tril­lion in 2009, Obama’s first year in of­fice. That was largely be­cause of the worst re­ces­sion since the Great De­pres­sion. Tax rev­enue plum­meted dur­ing the down­turn, while the government spent more on stim­u­lus pro­grams.

The bud­get gaps in 2010 and 2011 were slightly lower than the 2009 deficit as a grad­u­ally strength­en­ing econ­omy gen­er­ated more tax rev­enue.

Pres­i­dent Ge­orge W. Bush also ran an­nual deficits through most of his two terms in of­fice af­ter he won ap­proval for broad tax cuts and launched wars in Afghanistan and Iraq.

The last time the government ran an an­nual sur­plus was in 2001.

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