The Coalition Letter States:
- Failure to address the automatic tax increases and spending cuts would reduce economic growth and could jeopardize economic recovery.
- Failure to act on the looming year-end tax increases would yield the largest tax increases in American history coupled with draconian, ill-designed, across-the-board discretionary spending cuts.
- Economists from across the political spectrum warn that such tax increases and spending cuts would have a devastating effect on a still sputtering U.S. economy, quite possibly returning it to recession.
- The onset of harm to the economy will not wait until year-end. The very notion that the fiscal cliff exists has increased uncertainty, which has already begun to slow down consumer spending and hamper business investment.
- The threat of further harm to the American economy is real, and the American people and business community should not be forced to wait. We urge Congress and the President to act now.
- The Chamber has been actively engaged on this issue to prevent these historic tax hikes and ill-designed spending cuts from harming our economy.
For reference, a link is provided to the “Fiscal Cliff Chart” highlighting the cost of the impending tax hikes and arbitrary reductions in outlays, and a quote from Bruce Josten, the Chamber’s Executive Vice President for Government Affairs.
“The Chamber of Commerce urges Congress and the president to take swift action to address the fiscal cliff. Failure to act will deal a devastating blow to our fragile economy. In addition to acting now to prevent a short-term crisis, lawmakers should seize this opportunity to take the necessary first steps toward fundamental reforms. By agreeing to a timetable for meaningful tax and entitlement reforms our leaders can show that they are also serious about our long-term fiscal health.”
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