Published: July 17, 2012
In a letter delivered today to Congress and the White House, Jim McNerney, Chairman, President and CEO of The Boeing Company, and Chairman of Business Roundtable urged Members of Congress and the White House to act now to resolve the fundamental fiscal policy and tax issues confronting America, stating:
“The current political paralysis hindering principled compromise 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.”
“A number of significant tax provisions are set to expire on December 31, 2012. Absent Congressional action, individuals and businesses alike will face major tax increases… Importantly, CBO projects that the expiration of these provisions, combined with automatic spending cuts prescribed by the Budget Control Act, will send the country back into recession in the first half of 2013.
“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.”
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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.