Is it true that Bipartisan budget group says deficit curbs needed (AP)?

A bipartisan group of former lawmakers and budget officials called on Congress and President Barack Obama Monday to commit to reining in trillion-dollar plus budget deficits to avoid dragging down the economy. Policymakers must take steps next year to enact policies to stabilize the debt at 60 percent of the size of the economy to avoid higher interest rates or crisis in global markets with disastrous implications for the U.S. economy, according to a report by the Peterson-Pew Commission on Budget Reform, a bipartisan group of deficit hawks. The bipartisan group includes former lawmakers and directors of both the Congressional Budget Office and the White House budget office.

"A hard landing — where higher deficits and debt cause investors to lose confidence in the U.S. economy and rising interest rates choke off the economic growth — is a real possibility," said the group's report. Economist Douglas Holtz-Eakin, a former director of the Congressional Budget Office and adviser to 2008 ... more.

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