U.S. Chamber President Comments on Legislation to Avert Fiscal Cliff
WASHINGTON, D.C. — U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement today on the compromise legislation passed by the House and Senate to avert the fiscal cliff:
"The last minute fiscal cliff deal prevents some of the massive tax increases on the middle class that would have occurred.
"However, the Congressional Budget Office (CBO) has warned that the tax hikes that will take place will mean slower growth, fewer jobs, and less prosperity for all Americans. And, when it comes to cutting spending and controlling the national debt, this deal does not even begin to address the serious fiscal challenges we face.
"The new Congress and the administration must begin work immediately to slow runaway spending through structural entitlement reforms. They must also spur faster economic growth through comprehensive tax reform and a rapid expansion of American energy, which would create jobs and generate government revenues. This is the only formula that can reduce budget deficits and control our unsustainable national debt.
"The Chamber and the business community stand ready to work with Congress and the administration to craft and enact a fiscal package that truly addresses the nation's chronic deficits and out-of-control debt."
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.