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U.S. Chamber of Commerce COO David Chavern on the business community and the fiscal cliff.
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About rich thank you very much -- and more fiscal cliff impact right now according to the Wall Street Journal this morning.
Half of the forty biggest publicly traded companies in the United States already.
Announcing plans to Scott cut their spending this year and next in part because of the the cliff that rich was reporting on them with more we bring David champ Vernon executive vice president and chief operating officer at the US.
Chamber of commerce that you see and -- and -- business leaders said David is this reluctance to spend reluctance to make plans.
Are absolutely -- indeed the fiscal cliff issue is important for a whole range of reasons but most particularly because it.
Just adds to this whole environment of intense uncertainty.
I mean -- asking people to make investments of their money or shareholders' money.
At a time when nobody knows what the political system is going to provide in terms of a stable background.
We've talked to people on all sides of this debate just did miss an hour today -- -- there was a conservative side represented by.
Monica Crowley who was in earlier talked about the fact is -- wanna see the Mitt wants to see the conversation change from all this about revenue.
To release something about spending that they.
You know the game is -- -- -- the democrats' court up until now but from the business community's point of view are you concerned about.
Or let me ask you this what what what how important is -- you how the deal looks vs that a deal gets done -- we just get something done and -- and avoid going off the cliff.
Well they're both are important first of all we need.
To address the fiscal cliff issue now this is -- -- January 1 or December 31 thing you'll get.
A lot of negative market reaction ahead of that if we don't address the fiscal cliff right now on what that means is extend the tax treatments.
Extend this 65 provisions of the tax code that are looking -- fire.
And move that out for a period of time there will allow.
A real discussion about comprehensive tax reform and comprehensive entitlement reform that's not kicking the can down the road administer some people are gonna center -- Well -- you're not gonna do comprehensive tax reform what you need you know or -- president -- form what you need.
In the next.
Five weeks.
You need a process for doing that and we need to do that as a country yet have a template at least in place that says hey here that these -- the goals we have for this is the the agreement in principle that we have -- -- aren't the just extend the current environment.
Well I think what's been discussed is to give.
Is to come do some very broad agreement with the goals for.
The relevant committees on on the hill that's that's good having that does give people -- sense about where we're going.
But he held businesses need the immediate dealt with in a way and -- and also we as a country not just as the business community -- the long term challenges -- well I think.
That's -- just say one thing I wanted to ask you about before let you go as the fact that your group has been pushing obviously.
-- as we've already talked about tax reform.
Cuts to entitlements and spending cuts but also this this -- of accelerating the revolution as you put it in energy production.
I mean that that's the third big point right that you see in this in this whole big debate which is this kind of -- -- -- -- many people talking about that as the -- -- him.
Well absolutely I mean there's the -- only hear about taxes and and spending but there is a third market in that we -- on the verge of an energy revolution in this country.
There would create massive new numbers of jobs and revenue if only we will embrace it to do what needs to be done get out of our own way.
All right David it's good to have you on and that's the view from the chamber of the chamber of commerce David -- thank you David appreciate it thank you very much rather make our.
