Business Leaders Urge Lawmakers To Cancel Sequester
WASHINGTON, Feb. 20, 2013
Committee for Economic Development offers straight-forward recommendations to
set our country on a path to long-term economic stability
WASHINGTON, Feb. 20, 2013 /PRNewswire-USNewswire/ -- The Committee for
Economic Development (CED), a nonprofit, nonpartisan, business-led public
policy organization that for more than 70 years has delivered well-researched
analysis and reasoned solutions to our nation's most critical issues, today
urged Congress to set aside the sequester scheduled to take effect on March 1,
to focus instead on long-term plans to restore a healthy American economy.
Specifically, members of CED called on Congress to replace the $44 billion
across-the-board "sequester" with spending reductions and additional revenues
that will shrink the deficit by $44 billion over ten years.
In a letter addressed to the U.S. Congress and President, CED called for an
immediate stop to the use of the nation's debt limit as a political weapon and
to put everything on the table as it develops substantive short- and long-term
plans to deal with the double economic threats of federal deficit and debt.
CED advocated for specific savings and revenue targets for each Congressional
Committee of jurisdiction to achieve in such program areas as healthcare, tax
reform, defense and discretionary programs.
CED members, current and former business executives and academic leaders,
called for a two-year approach to solving lingering budget and deficit
challenges, with limited targets for the remainder of 2013. The first phase
of which includes a wide range of alternative revenue increase provisions as
well as a number of spending cuts.
"It is time for Congress to deal with the budget and to address our growing
deficit and debt," said Steve Odland, Chief Executive Officer of the Committee
for Economic Development. "Failing to do so continues to inhibit business
investment and undermine business leaders' confidence in our nation's ability
to meet our obligations."
Noting past bipartisan support, Odland argued that solidifying the finances of
Social Security for the long term is an important step in beginning to deal
with entitlement programs.
"Democrats and Republicans have both agreed that Social Security reform is
essential for managing the deficit over the long term," said Odland. "Not only
can this be accomplished with a combination of revenue increases and benefit
reforms that maintain Social Security's solvency and preserve its role as a
pillar of retirement security for millions of Americans, doing so will be the
best possible demonstration that Congress and the White House can come
together and deal with the toughest fiscal policy issues."
"The sequester is an insufficient tool by which to attempt to address our
nation's greatest issues: A growing deficit and debt and the need for fiscal
reform," said Roger W. Ferguson, Jr., President and Chief Executive Officer of
TIAA-CREF and co-chair of CED. "Rather, Congress and the administration
should jointly focus on long-term plans to achieve economic growth, job
creation and financial stability."
"Everything – taxes, appropriations and entitlements – must be part of the
discussion," said Carl Camden, President and Chief Executive Officer of Kelly
Services, Inc. and co-chair of CED. "For years, CED has insisted that nothing
will get done unless and until the negotiations begin with everything on the
table. The repeated fiscal stalemates and cliffhangers have proven this to be
indisputable," he added.
About The Committee for Economic Development
The Committee for Economic Development (CED www.ced.org) is a nonprofit,
nonpartisan, business-led public policy organization that delivers
well-researched analysis and reasoned solutions to our nation's most critical
issues. All of CED's work centers on the pursuit of six core principles
stemming from a foundation of nonpartisanship: sustainable capitalism,
long-term economic growth, efficient fiscal/regulatory policy,
competitive/open markets, global competitiveness, and equal economic
Note: The views expressed by the individual signatories are solely in their
capacities as members or co-chairs of the Committee for Economic Development
(CED) and do not necessarily represent the companies they lead or with which
they are otherwise affiliated.
MEDIA CONTACTS: Sarabeth Stone
SOURCE Committee for Economic Development
Press spacebar to pause and continue. Press esc to stop.