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U.S. Chamber of Commerce CEO Tom Donohue on attacking the nation's debt and Jack Lew as Treasury secretary.
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Chamber of commerce CEO Tom -- took to the states this morning for his annual state of American business address calling our nation's exploding debt.
The biggest threat to our economic future and joining us from DC now as the aforementioned mr.
-- except good to have you on and I want -- take another.
-- from the speech to go along with year assertion about our exploding.
National debt and ask you about you also said that the imperative of economic growth should not be an afterthought must be job one.
Are those two at all at odds or they complementary economic growth and attacking the debt.
Well it is very clear that you need growth that create jobs and we're running at.
A growth much lower than what we need to create jobs we've got 23 million people.
In America are you the looking for a job working part time stop looking we need to do this.
But if you don't deal with the debt.
You're not going to be able to get -- -- level of investment the level of job creation the level of growth that you need.
What investors wanna know.
Product trading partners want to know is that you've got to deal with the debt.
-- kind of vote in what way.
Because -- -- numbered for ways to go after that you could raise even more revenue that was 600 billion and that last deal that you could raise a lot more revenue number Simpson -- like two point.
Six trillion revenue I believe if you added it all up so you could do that but then that then you do -- if you run the risk of slowing us down growth -- don't -- -- you do particularly if you do it on the tax side when everybody's been talking about a two buckets.
One baht gave way you'd cut -- growth of expenditures entitlements and military.
-- sector and the other bucket on taxes.
If you just use those two buckets it's very very hard to get there without destroying a lot of the economy so -- -- proposing a third bucket.
-- energy.
And we have more of -- than anyone in the world now we can use it we are using it in two year legacy is -- of one point.
75.
Million jobs in fracking natural gas alone right -- there is great great opportunities for us.
To put people to work.
To bring extraordinary amounts of tax payments.
And royalty payments and cash to the federal government this is the way to put it together how do we -- the legislation you're pushing on that specifically are.
Well we have the ability to do it in this states are doing it.
And what we have to do is open up some federal lands we have to get the permitting process right.
We have to get people to understand that this is being done.
And an environmentally friendly way but then we have to move on we have to go -- -- -- We have to go to Alaska we have to become the NEG independent.
The -- -- secure.
And the energy economy.
Our energy big priority further the chamber now it is the president's second term.
We're hearing we're gonna get the announce later today that -- Treasury Secretary Jack -- Thoughts on that somebody and you could work with it's an important nomination of course.
Sure Jack blue is today is an accomplished.
A professionally he's been ahead of all and be twice and been achieved for the White House staff.
My favorite is the work there.
These speaker of the house so we understands that congress.
We think Ed that Jackson guy you can work went parent.
And I'm -- -- concerns are big concerns about anything these.
And the past remember.
I'm not I -- Jackson tough negotiator but who cares I -- -- bottom line is.
The bottom line is simple it's not the person is whether we're all gonna get together and get the leadership to deal with these challenges before they.
How that's for sure but who cares -- Todd Donahue thank you very much appreciate you coming up thing.
-- and.
