In 2013, Mike Bloomberg Says Cuts To Medicare, Social Security, Defense Have To Be a Part of Deficit Reduction

‘It’s not going to be the end of the world as we know it’

EXCERPT:

BLOOMBERG: “Sequestering is here, it will go on for a while. It’s not going to be the end of the world as we know it. And everybody was saying, ‘Oh, the worst case scenario is exactly what we’re going to implement.’ And now they’re into the real world and they’ll try to find ways to do more with less, and then hopefully Congress will come together and modify sequestering to cut things back where we can afford it and where we can’t. And keep in mind, no program to reduce the deficit makes any sense whatsoever unless you address the issue of entitlements, Medicare, Medicaid, Social Security, interest payment on the debt, which you can't touch, and defense spending. Everything else is tiny compared to that."

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