The U.S. must reduce its foreign debt...

The U.S. must reduce its foreign debt or risk a recession, according to a report released by the Congressional Joint Economic Committee. The Senate-House committee, in its midyear economic review, said the outlook for continued U.S. economic expansion was clouded by the large growth in international debt run up by the United States in the past few years because of its trade deficit. The report said continuing present policies will risk either an enormous further run-up in U.S. external debt obligation or a sharp recession.