U.S. Chamber Comments on Fiscal Commission’s Preliminary Report

WASHINGTON, D.C.—U.S. Chamber of Commerce Chief Economist Dr. Martin Regalia issued the following statement on the Fiscal Commission’s preliminary proposal:

“The Chamber appreciates the leadership of Alan Simpson and Erskine Bowles to open a discussion about how to grapple with one of the most serious challenges of our time. While we understand that the details of this proposal are highly controversial, the ideas put forth deserve a full public discussion and debate. We share the concern that our nation is on an unsustainable fiscal path with rising debt burdens that we simply cannot afford to ignore.

“While we do not agree with everything in the draft commission report, we share the co-chairs’ belief that any solution will require commitment and sacrifice on both the spending and revenue fronts.

“We will be looking at these and other ideas very carefully in the coming days, understanding that we must accelerate our economic growth and create jobs. Without growth and jobs, serious action on deficit reduction will be virtually impossible to achieve.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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