US Business Leaders Press Congress for Debt Deal
November 28, 2012
Business leaders are pressing Congress for action, and the White House summoned ordinary Americans as Washington heads toward steep automatic tax hikes and spending cuts. Democrats and Republicans have failed for the past year to prevent this so-called fiscal cliff from going into effect January 1. Members of the business community were on Capitol Hill to deliver a stern message: reach a deal to reduce the federal deficit now, or face ugly economic consequences next year.
“Politics has to go aside. That is what we are telling them,” . National Small Business Association Chairman Chris Holman told reporters.
Inaction on the debt will be costly, according to insurance executive Mark Bertolini.
“We are 802 hours away from having a big problem that will send the economy into recession and put people out of work. And we do not want to see that happen,” he said.
By contrast, a deficit-reduction pact would boost economic confidence.
“Investment hates uncertainty. And as soon as that is resolved, you will see the economy begin to kick [expand] again,” Holman said.
But Washington’s partisan stand-off on deficit reduction remains. Republicans warn of job losses if tax hikes on the wealthy favored by Democrats go into effect.
"The proposal the president has put forward to solve the fiscal cliff raises taxes on almost a million small businesses who employ 25 percent of the workforce," noted Senator John Thune.
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