Wall Street cheering for tax cuts

NEW YORK: It was only about five years ago that powerful people in finance loved talking about the horrendous consequences for the United States if it didn’t get its finances under control. They warned that the federal debt – and the interest payments – could eventually get high enough to drag down the economy, burden future generations, and even threaten national security.

Chief executive officers of five of the biggest US banks joined a campaign called Fix the Debt, signing on with hedge fund billionaires, asset managers, and private equity executives, as well as former lawmakers and others.