US Chamber CEO: We have to deal with entitlements, taxes
Exclusive: Tom Donohue on fiscal cliff, economy
- Duration 7:38
- Date Nov 13, 2012
Exclusive: Tom Donohue on fiscal cliff, economy
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We'll just across the street I'm talking across the street -- my my little -- and across the solar system chamber of commerce CO.
Tom Donahue is not.
Come into the wideout -- because he wasn't.
Invited to the White House lots of big labor guys were today lots of well some big company guys -- For tomorrow but let's just say Barack not keen on breaking bread with Tom.
The guy who's represents thousands of small and medium size American companies not in on talks to sort.
This fiscal mess out Tom I think that's -- life.
We're very happy with our opportunity to make our points.
And all the traditional ways that we have available to us including talking you.
Now I appreciate that and don't you know the president watches the show up but do you feel offended like.
I don't know I'd feel offended.
Absolutely not -- market environment related unions are blocking and not blocking -- working you should see what we did today.
We're making progress we're all over the place will have our say on what's gonna happen here.
A lot of the ones going there tomorrow.
Represent you know busy he is -- it -- the companies a lot of financial players are gonna get into that in a second but.
It's not a great cross section of corporate America.
What do you make -- Well I mean there -- only a few table of the seats around -- table in the Roosevelt room so they're only gonna ask a few of them.
And many of them are friends.
-- of the administration or they have been involved in this new organization which I have -- -- Which is working on trying to deal with the debt and we're working together with them.
Well it's fascinating you re not -- a you know I think another -- -- -- -- -- -- -- on either.
What the left is -- what the right -- to -- the president's it was congress and but you know they're not making progress and so the same characters.
Come in and meet with the president and I just had a labor guy your early years that.
Well the only way around that's hazardous -- taxes and the reds and don't kind of thing couldn't even think that -- -- -- -- And and and these are the first people the president -- -- I'm just thinking to myself self this -- don't know recess.
Well look it's a fundamental issue that we must deal with entitlements because -- very few years.
-- with 101000 people a day retiring.
Then me and the death age extending way out we will consume all of our national revenue.
To take care and Medicare and Medicaid.
And I think it's very important for us to deal with that.
To deal with a regional reach restructuring of national tax and most of all to add a third bucket.
And that is energy.
-- G is what Canada used.
To build and rebuild their economy.
And we have lots of it we already have a 1750000.
Working around in the states in the innovative ways -- non structured ways.
To take oil and gas out of the ground we are in the position that we can.
Expand and add tremendously higher millions of people pay royalties and pay taxes.
Seeing him -- -- run and is moving in that direction because his language says one thing is who he meets with anybody tells of -- -- -- -- -- quite another.
He talks about an overture and working with Republicans.
But then threatens a veto on any thing that avoids hiking taxes on the -- so I see same old same old same moment when it comes energy.
I hear a lot of soul -- here a lot of wind died I don't hear a lot of the things that you're talking.
We had talked to the governor's but the bottom line here is when we get down actually doing the big dealing counting up the real money.
We're going to need additional funds.
From a third saws and -- we want to -- in -- And and into entitlements defense and it taxes in a way that will severely.
Hurt our economy.
And I believe that we'll build a coalition of people next year.
That will come together to get some or most of that done.
We should be very careful not to go over the cliff at the first of the year because we will have a negative effect.
On this economy and -- employment.
And will hurt Europe and other places that are major sources of -- You might see it that way in a pretty good of this business -- but apparently the Treasury Secretary the United States.
Does not -- -- this Wall Street Journal conference going on right now in which he said it would not be good policy to extend all US tax breaks.
Beyond December 31 obvious he's talking about going full throttle to hike taxes on the wealthy.
Essentially come hell or high water will that be damaging what -- you -- Well I think it would be a big mistake.
Because if you deal with taxes.
And impartial way before.
We go to do the big deal that'll make the big deal a lot harder and -- I know this sounds it.
Hard for you to understand.
But it's this very -- Small.
Amount of money -- in the deficit we're gonna run in ten years and we -- to a quiet and in a deploy it in a more effective way that will create jobs and will allow us to do a serious tree structure of our corporate tag evidence.
That assumes that whatever deal -- concession you make now to get that.
Is returned and in other words of promise is delivered.
And I I I see that maybe post election.
Lot of Republicans -- with a tail between their legs their just.
They're they're paid on average and and and there is certainly something about negotiation.
And understanding the president did win this one the season title certainly been.
It's untitled everyone's like 2% I I hear -- but bond yields are you know the bottom line is this is it just won't be represented that.
And not at all.
Businesses interest -- going to be represented in the house and the senate.
In the court of public and.
-- -- get that person in the senate when Chuck Schumer.
Once not only a rate increase he wants deductions limited so the rich -- more and I guess by extension some of your members who pay at that rate more.
Well a big problem in this rich pay more game.
Is that a large number of those people are sobbed as -- LLC's.
Small and medium size businesses.
And if you put them under that same strain you're gonna -- the capital they need to keep those businesses going.
But there are a lot of people over there that understand this -- and and the -- by the way there's still enough senators.
Of mind not only the Republicans but about twelve Democrats we count up that are gonna have to run in tight rear -- -- point 1814.
Very good point but bottom line you're not offend you don't -- said you don't feel forlorn.
That you're not going -- analysts.
No I'm busy and I'm excited about what we're doing so I think we have a suggestion here that puts a lot of money on the table before we're finished folks -- gonna wanna use that.
You're not vulnerable -- seem a little vulnerable right now -- -- I think vulnerable if you kidding I'm Irish.
Back up all right as soon as -- have virus Tom Mullen -- -- Tom -- and very good having in the chamber of commerce.
And I just across the street from the White House but who are -- and they -- big deal.
Of geography and distance you know Tom was not the only.