In an op-ed in the Financial Times, CED spokesperson and Honeywell chief executive David Cote, calls on business leaders to speak out and urge action regarding our nation’s debt problem:
There is no time to waste. As we approach the end of the year, we get closer to the edge of the “fiscal cliff”. If there is no political deal, the US will face a triple witching hour of automatically triggered spending cuts, the expiry of tax cuts, and a failure to raise the debt ceiling. We all saw what happened during the last debt ceiling “discussion”. It wouldn’t be a surprise to see the same dysfunctional process or another agreement to “kick the can down the road”, as they say in Washington.
CEOs can no longer stand on the sidelines. We need to ensure debt resolution is a core part of the presidential election campaign.
Mr. Cote offers five specific recommendations for U.S. CEOs. He was a member of the US fiscal commission chaired by Erskine Bowles and Alan Simpson.
Ed Crooks from the Financial Times features Mr. Cote’s remarks in his piece.