Eaton CEO says high unemployment will persist in 2010

High levels of government debt present an obstacle to the nation's recovery from the economic downturn, according to Eaton Corp. CEO Alexander "Sandy" Cutler. He believes high unemployment could last through 2010. The U.S. must raise interest rates to get back on track and postpone programs that require taking on debt, such as health care reform and a greenhouse gas cap-and-trade program, he said. Eaton, which focuses on managing companies' power needs, won't rehire laid-off workers for more than a year, he said.

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