Wednesday, Mar 21st

Last update05:20:13 AM GMT

You are here News 9/11 Related Business group accepts tax hikes as part of any deficit deal

Business group accepts tax hikes as part of any deficit deal

E-mail Print PDF

Committee for Economic DevelopmentAn influential business group called on Congress Thursday to stop playing politics with federal budget deficits and put "everything on the table," declaring that both tax increases and spending cuts are needed to restore the nation's finances to health.

More than 100 current and former chief executive officers signed a declaration released by the Committee for Economic Development, a nonpartisan policy-research group of business and university leaders.

The initiative is significant because it adds pressure from another influential voice to the political debate over the federal budget. The business group's push comes at a time when fiscal issues have become Washington's most prominent topic, one likely to dominate domestic politics through the 2012 elections.

"As leaders in the business community, we expect to share the effects of reductions in public programs or increases in taxes — or more likely, both," said the statement, supported by CEOs and prominent experts in federal finance. "We do not seek sacrifice for its own sake. But we — and we believe all Americans — are prepared to contribute our fair share to make our country sound, secure and strong again. What is good for America is good for American business."

The nation is expected to have a deficit of $1.6 trillion in the fiscal year that ends Sept. 30. Total federal debt is around $14.3 trillion. The ratings agency Standard & Poor's this week issued a negative outlook for U.S. government bonds, raising the chance that it might downgrade the United States' rating of creditworthiness for the first time. The S&P warning quaked financial markets, underscoring the threat to the U.S. economy if the budget problem is left unresolved.


Most Recent Related Stories...

13 Russians Indicted For Allegedly Interfering in Elections

Mueller'd grand jury indcts 13 Russians for election telegram Special Counsel Robert Mueller's office said Friday that a grand jury indicted 13 Russian nationals and...

EPA changes its story on Pruitt's first-class travel

EPA cahnges story on Pruitt travel waver EPA on Wednesday retracted its claim that Administrator Scott Pruitt has received a “blanket waiver” to...

John Kelly orders changes to the White House security clearance process

John Kelly sens memo about clearancesWhite House chief of staff John Kelly has ordered sweeping changes to the White House's security...

Fired Official Was Exploring Resolution to 9/11 Case Precluding Death Penalty

Harvey Rishikov, suddenly fired by PentagonBefore his sudden firing last week, the Pentagon official who oversaw military commission trials at Guantánamo...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!