Renews Call for Leadership and Action - Now
President John Engler of Business Roundtable issued the following statement in reaction to the announcement by members of the Joint Select Committee on Deficit Reduction that they would not submit recommendations to Congress.
"The failure of the Joint Select Committee on Deficit Reduction to agree upon $1.2 trillion in savings is a serious setback for America's fiscal stability. Given the eventual need to close future deficits of $7 trillion to $8 trillion, the failure of our political process to make a 'down payment' is both a missed opportunity and an ominous sign. The nation's political leaders fell short.
"Despite the setback, the debate must continue. Congress and the White House cannot now resort to declaring defeat, casting blame and hoping something better comes along after the 2012 elections. The world is watching America and our leaders. They wonder if we can still work together and work out compromises. They wonder if America can still lead.
"Business Roundtable will continue to support action now. Our members are chief executive officers who stand ready with experience, expertise – and a commitment to act.
"America's economic future and our credibility on global fiscal matters depend squarely on our willingness to solve our own problems – now, not later!"
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay $163 billion in dividends to shareholders and generate an estimated $420 billion in sales for small and medium-sized businesses annually.
BRT companies give nearly $9 billion a year in combined charitable contributions.
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Contacts:
Business Roundtable
Kirk Monroe, 202-496-3269