Ray Dalio met with House Budget Chair Jodey Arrington and Republican lawmakers to discuss the urgent need for reducing the national budget deficit. He emphasized that cutting the deficit to about 3% of GDP is crucial for sustainable economic health, preventing excessive debt servicing from inhibiting government spending. Dalio warned of dire economic consequences if the deficits continue to rise, describing the situation as a potential 'heart attack' for the economy. His meeting was marked by a recognition among attendees regarding the necessity to address unsustainable borrowing practices.
Ray Dalio, the founder of hedge fund Bridgewater Associates, said he met with House Budget Chair Jodey Arrington and House Republicans to discuss the national debt on Tuesday.
'I appreciate our ability to have a frank apolitical discussion about the mechanics behind how countries go broke as it applies to the circumstances at hand,' Dalio said.
Dalio stated that there was a 'pretty broad recognition' that the budget deficit must be cut to around 3% of the country's GDP to ensure sustainable debt levels.
Last month, Dalio warned that America could face a financial 'heart attack' if deficit spending isn't reduced, comparing it to ignoring plaque buildup.
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