Federal government's 'exploding debt' No. 1 threat to economy, says U.S. Chamber CEO

Bloomberg

Tom Donohue, president and CEO of the U.S. Chamber of Commerce

Tom Donohue, the head honcho at the U.S. Chamber of Commerce, delivered his annual "State of American Business" speech today -- the business community's equivalent of the president's State of the Union address.

Chamber members, scores of reporters and banks of television cameras filled the chamber's cavernous Hall of Flags, located just across Lafayette Park from the White House. Donohue listed priorities that have been a staple of his speeches every year: boosting domestic energy production, expanding trade; reducing the regulatory burden on businesses, and reforming immigration and visa policies.

This time, however, Donohue put special emphasis on another priority, one that can't wait for another year, another speech: Addressing the federal government's "fiscal crisis with a bold plan that slows the growth of spending, reforms entitlements and overhauls or tax code."

Congress had a chance to do this in its deal to avoid the fiscal cliff, but punted on most of the big issues. Now, in the next couple of months, Congress and President Barack Obama face deadlines on raising the government's debt ceiling, finding an alternative to across-the-board spending cuts known as sequestration, and funding the federal government for the rest of this year.

"These deadlines will mean more uncertainty for our economy, our businesses and for financial markets at home and abroad," he said.

This uncertainty is taking its toll on small businesses in particular. Economic uncertainty was the No. 1 challenge cited by small business owners in a recent survey conducted by Harris Interactive for the chamber. That was followed closely by the federal government's $16.4 trillion in debt -- the Congressional Budget Office reported yesterday that the government is on track for yet-another $1 trillion-plus deficit this year.

Source: http://feedproxy.google.com/~r/vertical_37/~3/ECLa8HU21NE/federal-governments-exploding-debt.html

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