Business Roundtable's letter to Congress and the White House today warning of the dangers of the "fiscal cliff" drew excellent and thorough media coverage. May it prompt action, as well.
The letter, signed by BRT Chairman W. James McNerney, chairman, president and CEO of The Boeing Company, called for a one-year extension of the current tax rates to allow time for comprehensive tax reform. McNerney also highlighted the great economic harm that would result from sequestration, while emphasizing the importance of entitlement reform:
BRT CEOs...are unified in believing that just the threat of America toppling over the "fiscal cliff" is having a harmful economic impact. Further delays in addressing the relevant issues will only increase the economy-chilling uncertainty. And relying on a post-election session of Congress to cope with a condensed schedule and the results of the election is far from a safe bet.
News coverage ...
Wall Street Journal, "Business Group Urges Extending Bush Cuts":
WASHINGTON—A business group is calling on the White House and Congress to extend all the expiring tax cuts through the end of 2013, warning that political paralysis and economic uncertainty could lead to a "dangerous crisis."
The Business Roundtable, whose chief executives include leaders of Xerox Corp., American Express Co. and Wal-Mart Stores Inc., said policymakers should move quickly to reach a deal that would extend the expiring Bush-era tax cuts, among other things, before lawmakers face a chaotic political environment after the November elections.
WASHINGTON, July 17 (Reuters) - The Business Roundtable, which represents U.S. CEOs in Washington, on Tuesday called on Congress and the President to enact a stopgap measure to avoid the "crisis" of a "fiscal cliff" of major tax hikes and spending cuts, saying the uncertainty was slowing economic growth and job creation.
In a letter, released and signed by its chairman, Boeing President and CEO W. James McNerney, Jr., the group said "the current political paralysis" in the nation's capital "has fueled needless economic uncertainty that impedes a more robust economic recovery. Without effective action soon, this uncertainty will spawn a dangerous crisis, threatening our economy, businesses and workers."
The Hill, On the Money blog, "Business leaders press for 'fiscal cliff' solution":
In the letter, BRT suggested that Congress build on the bipartisanship shown in the recent passage of the transportation bill, and not to wait until the lame-duck session of Congress to wrap up work, arguing that several factors could derail needed solutions.
The group of chief executives is calling for a one-year extension of all George W. Bush-era tax cuts and to decide how to replace $1.2 trillion in automatic spending cuts — $109 billion set for next year — with more than half set to hit the Defense Department.
We appreciate the reporters who tweeted the letter, as well:
http://t.co/DCEFdJhEm0 A year after FTA enacted, U.S. good exports to Columbia up 20%.
BRT's Engler: U.S. Senate can't rewrite Irish or EU tax laws, but it can rewrite U.S. tax laws. Time for #taxreform.
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