Archived Content

Letter to the President on Upcoming Fiscal Deadlines

September 25, 2015 
 
The President 
The White House 
Washington, DC 20500 
 
Dear Mr. President: 
 
On behalf of Business Roundtable, thank you for the constructive dialogue at our meeting last week on issues directly impacting the American economy. Our economy depends on predictable and sound government actions that help create the conditions for economic growth that result in job creation and long-term investment. 
 
As we discussed, strong leadership is needed now to find common ground to address the fiscal and budget challenges that lie ahead. While there are many global economic and geo-political circumstances beyond the control of the U.S. government, our country’s own fiscal deadlines are fully within our government’s control. 
 
The last budget deal, brokered by then-Congressional Budget Committee Chairs Paul Ryan and Patty Murray, demonstrated that fiscal agreements are possible when both parties are willing to compromise. Business Roundtable strongly urges your Administration to quickly work with Congress to agree on a path forward that will strengthen fiscal stability. 
 
We are seriously concerned about the potential negative consequences to the economy should Congress and the Administration fail to reach an agreement on funding the government for the fiscal year beginning October 1 or fail to address the debt ceiling in a timely manner later this fall. 
 
Failure to fund the basic business of government and adjust the debt limit in a fiscally responsible manner would negatively affect the health of the U.S. economy. Even a brief government shutdown would have economic consequences and debt default, however temporary, would be calamitous. While there is a history of using these deadlines as a means for debating how to address fiscal imbalances and even though Business Roundtable agrees that those imbalances must be dealt with, failure to address these deadlines in a timely manner will exacerbate, rather than ameliorate, the underlying problems.
 
While we understand there are fundamental disagreements within Congress and the Administration over a range of other issues that may make it more difficult to reach agreement on these fiscal matters, these disagreements should not be allowed to result in a self-inflicted wound on the economy. Business Roundtable looks forward to working with Congress and the Administration on a successful resolution to the budget and fiscal challenges facing our nation. 
 
Again, thank you for taking the time to join us last week. 
 
Sincerely, 
 
 
Randall Stephenson 
Chairman and Chief Executive Officer 
AT&T Inc. 
Chairman 
Business Roundtable 
 
Mark A. Weinberger 
Global Chairman and CEO 
EY 
Chair, Tax and Fiscal Policy Committee 
Business Roundtable 
 
 
C: The Honorable Jack Lew 
The Honorable Shaun Donovan
 

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