Speaking at the Detroit Economic Club on Monday, Business Roundtable President John Engler laid out the best outcome he could expect from a lame-duck session of Congress, and then moved on to the long-term fiscal challenges facing America.
From his prepared remarks:
So what would be a success? I’d hope three things could be done:
- A short-term fix on the expiring tax rates I’ve talked about.
- Backing away from sequestration, which even Defense Secretary Panetta has said would be devastating to the national security.
- And, ideally, action on the debt ceiling.
If we can finish just these items, the real challenges will still be waiting.
They are the long-term threats to our nation’s fiscal and economic health: uncontrollable entitlement spending, an uncompetitive tax system, and unsustainable levels of debt fueled by trillion-dollar annual deficits.
Engler's key message (BRT news release): "BRT President Calls on Washington to Take Immediate Action on Pressing Tax, Fiscal Policies."
(Photo courtesy Detroit Economic Club: From left, Joe Welch, CEO of ITC Holdings, and BRT President John Engler)
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