President Obama and a divided Congress have come to an agreement on the so-called fiscal cliff. Indiana Chamber of Commerce President and CEO Kevin Brinegar reacts:
"The Indiana Chamber applauds the President and Congress for their ability to compromise in the eleventh hour. However, the measures agreed to are inadequate, some potentially counter-productive, and fall far short of addressing the long-term fiscal challenges facing our federal government.
"Despite tax increases, long-term spending remains unsustainable and a threat to our economic and national security. We must rigorously reform entitlement and social welfare programs and look for real, lasting savings across all federal activities. We can no longer borrow and spend as if there were no consequences, because the day of reckoning fast approaches. We look forward to working with our congressional delegation in the weeks and months ahead to fashion workable and responsible reforms."
In early December, the Indiana Chamber released the results of a federal tax survey, done in in partnership with Congressman Todd Young (R-9th District), who is a new appointee to the U.S. House Ways and Means Committee. The survey of Hoosier businesses revealed a willingness to share the tax burden, provided there is real and significant reduction in federal spending and substantive reform to simplify the tax code. The press release and charts detailing the results can be found online at www.indianachamber.com/federal.