U.S. Must Cut Entitlements to Pare Debt, Honeywell CEO Says

Any plan to reduce the U.S. deficit will need cuts to Medicare and Social Security in addition to tax increases, said Honeywell International Inc. Chief Executive Officer David Cote, who served on President Barack Obama’s debt commission last year.

“It’s impossible, because what’s happening is we have the baby boomer generation retiring,” Cote said in an interview that will air on Bloomberg Television’s “Conversations With Judy Woodruff” this weekend. “And there’s not enough people paying into the system. We will literally crush the system.”