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Monday, August 01, 2011

SBE Council's Statement on the Debt Ceiling Compromise

SBE Council President & CEO Karen Kerrigan released a statement today urging Congress to advance the revised "Budget Control Act of 2011" -- otherwise known as the debt ceiling compromise bill. Kerrigan said the deal will help put the economy on a more stable path by avoiding a debt crises, reducing government spending and not raising taxes on entrepreneurs, investors and risk-takers.

“The first step to boosting confidence among small business owners is to eliminate key threats that have been fueling uncertainty. The revised Budget Control Act of 2011 does not include tax increases, which is a significant plus for entrepreneurs who remain anxious about Washington taking more of their scarce capital. This is an essential part of the compromise, as small business owners need their every penny to survive the tumultuous economic period,” said Kerrigan.

“For the mid to long-term, moving towards lasting spending reform is critical to stabilizing taxes. The agreement forces Washington to focus on spending restraint, rather than turning to private businesses and entrepreneurs to provide ‘a fix’ for its overspending. Moreover, averting a debt crises will allow Congress and President Obama to focus on other reforms – like regulatory relief, opening new markets abroad, and fixing the disastrous new health care law -- all of which need to be addressed if we want businesses to invest and create jobs,” Kerrigan concluded.

SBE Council will also send a letter to every Member of the House and Senate to urge that they vote "YES" for the bipartisan deal.

SBE Council Staff

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