Former Senator Gregg and Caterpillar CEO Oberhelman Call on Washington to Fix the Debt
On Friday, we heard from two allies in the fight to put our nation’s fiscal house in order and fix the debt. In a C-SPAN interview, former Senator and Campaign to Fix the Debt Co-chair Judd Gregg (R-NH) shared his thoughts about the current economic climate and how a bipartisan solution on the debt from lawmakers in Washington could help set the economy on a stronger path in the near-term and long-term. He also took note of the serious consequences of inaction, but pointed to Simpson-Bowles as a bipartisan solution that should be revisited in the conversations around the debate this fall.
“What’s retarding our efforts economically is this overhang and fear about our long term fiscal policy and the effect it’ll have on the value of the dollar, ability to borrow, our children’s future, and reduction in standard of living. You fix that and put in place a legitimate deficit reduction plan like Simpson-Bowles, a commission I had the good fortune to serve on, and I think you’ll see real economic expansion.”
With the fiscal cliff approaching at year’s end, Gregg also highlighted the issue of uncertainty that he said many business owners and entrepreneurs are feeling about the future.
“One thing that’s holding this economy back is the uncertainty the business community and especially entrepreneurs feel about the future and that uncertainty is driven in large part by the fact that we’re running up these massive deficits and debt at the federal level.”
In another interview on Friday, Doug Oberhelman, CEO of Caterpillar Inc., echoed Senator Gregg’s assessment about uncertainty in the market. He said the growing debt is starting to hold his company back, but that it is holding back their customer base of local contractors even more. “For the contractor base and customers in this country, it’s worrisome. It has a chill in the air.” said Oberhelman.
Oberhelman, who announced he has joined the Campaign to Fix the Debt, is not the first CEO to throw his support behind this effort. And we will likely continue to hear from more business leaders who are facing similar concerns if action is not taken to put out debt on a smart, downward path. To make your voice heard, sign the Fix the Debt Petition today.
Caterpillar CEO Doug Oberhelman: