WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement in advance of President Obama’s State of the Union Address:
“President Obama’s plan to dramatically increase taxes, spending, and regulation is the wrong prescription for the economy. It will slow economic growth and job creation, stifle innovation, and worsen our nation’s debt and entitlement crises.
“The president appears to want to divvy up the existing economic pie instead of pursuing policies that will grow it to support more jobs, spur growth, and lift incomes. This approach will consign the nation to weak growth and fewer opportunities for our workers.
“What we really need is comprehensive tax reform that broadens the base, makes the code flatter and fairer, and eliminates loopholes. That would do more to spur economic growth than arbitrarily raising taxes for some while providing tax credits to others. The president’s tax plan fails on all fronts.
“There is no justification for saddling a still underperforming economy with a huge tax increase and expensive new spending programs. Short-term deficits may be down but economists of all stripes agree they will soon rise again, driven primarily by entitlements.
“The business community looks forward to working with both the administration and Congress to enact Trade Promotion Authority and complete historic trade deals across the Pacific and the Atlantic. Our Jobs, Growth, and Opportunity Agenda would also capitalize on our energy abundance; make smart investments in our infrastructure; and reform our tax, legal, immigration, education, and rulemaking systems. This approach will lead to a healthier and more prosperous economy for all Americans.
“Both the president and Congress must work together in good faith, find common ground on key issues, make some deals, and move the nation forward.”
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.