Obama adviser: Spending cuts would hurt economic recovery

McClatchy reports:

The head of the White House Council of Economic Advisers played down fears Tuesday about a projected $1.5 trillion federal budget deficit in 2011 and dismissed concerns that rising U.S. debt is making investors wary of U.S. bonds.

In a question and answer session at the Aspen Institute, a nonpartisan think tank, White House chief economic adviser Austan Goolsbee also said that the administration's fiscal 2012 budget to be released Monday will reduce deficits aggressively over several years.

For Austan Goolsbee, raising taxes never slows down an economy: but cutting spending does.