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Honeywell CEO Says U.S. Risks Recession With Fiscal Cliff

The U.S. risks triggering a global recession unless the White House and Congress avert $1.2 trillion in spending cuts set for January, Honeywell International Inc. (HON) Chief Executive Officer David Cote said. Congress agreed to the cuts as part of last year’s Budget Control Act in an attempt to require lawmakers who had reached a stalemate on lowering government debt to work out an agreement that would replace the across-the-board reductions. David Cote, chief executive officer of Honeywell International Inc., talks about the global economy, the U.S. deficit and the outlook for Federal Reserve policy Cote speaks at the Bloomberg Markets 50 Summit in New York. (Source: Bloomberg) U.S. debt should be curbed with long-term alterations, not abrupt changes, Cote, a member of President Barack Obama’s deficit-reduction commission, said today at the Bloomberg Markets 50 Summit in New York. Congress’s wrangling over raising the debt ceiling last year has sapped confidence in politic