David Cote Makes the Case for a Fiscal Fix
In an appearance on Bloomberg TV, Honeywell CEO and Fiscal Commission member David Cote made the case for a fiscal plan, saying that it would be beneficial for the economy to remove uncertainty and put in place pro-growth policies. Specifically, he praised the Simpson-Bowles tax plan for simplifying the tax code while raising revenue. In addition, he said that reductions in the major health spending programs--Medicare and Medicaid--would be essential to getting our fiscal house in order.
Overall, he said that leaders would have to explain the issue well to the American people and ultimately come together to find a solution, rather than polemicize the debate. In terms of the politics, he stressed the importance of voter participation and pressure:
That's why I say voters need to push on their politicians to say "Do something, and stop talking to me like I'm a kid and just say 'I won't raise your taxes or cut your benefits'"...At some point, we need to have an honest discussion with Americans.
The full video is below.