The Washington Times - December 11, 2008, 08:51AM

Two of President-elect Barack Obama’s top economic advisers — Paul Volcker, the former Federal Reserve Chairman under Presidents Carter and Reagan, and Robert Rubin, Treasury Secretary under President Clinton — were in New York yesterday at an event organized by Peter Peterson, the former Commerce Secretary under President Nixon, Forbes reports.

The article raises a very important question that has so far gone unasked in the euphoric days following Mr. Obama’s election: what will be the fate under President Obama of attempts to reform runaway entitlement and deficit spending?

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Mr. Peterson is the founder of the Peterson Foundation, which was founded in the summer of 2007 to raise awareness and organize a constituency against profilgate government spending and political cowardice that refuses to risk short-term backlash that might come from taking on long-term structural problems in the country’s budget.

The foundation is run by former Comptroller David Walker, who has been touring the country for the last few years to give talks and slide shows about the country’s problem with fiscal irresponsibility. He and Mr. Peterson were backers and promoters of the new documentary, “I.O.U.S.A.” which sought to highlight the problem for mass consumption.

Other attendees at the Peterson event Wednesday in New York included President Bush’s first Treasury Secretary, Paul O’Neill, billionaire money manager George Soros, Martin Feldstein, a top economic adviser to President Reagan, and former Sen. Bill Bradley.