Wilbur Ross Sees Recession, Warns of 'Greek' Situation

Wilbur Ross Sees Recession, Warns of 'Greek' Situation
The U.S. economy faces a recession if the nation goes off the fiscal cliff and key tax cuts fully expire at the end of this year, said Wilbur Ross, chairman and CEO of WL Ross and Co.

And, in the wake of news the U.S. will hit its debt limit earlier than expected, the billionaire financier warned that the United States could soon face its own “Greek” style debt situation.

Failure to stop automatic tax increases set for Jan. 1 “would obviously have a big negative effect on disposable income and consequently, I believe would put us back into the recession when coupled with the spending cuts that are also part of it," Ross told Newsmax TV in an exclusive interview Thursday.

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