TechAmerica Disappointed in Supercommittee Failure


Washington, DC – TechAmerica registered its disappointment with today’s announcement that the Supercommittee failed to reach even a modest agreement on deficit reduction measures.

“This is truly disappointing that the Supercommittee could not come to even modest agreement about how to get our debt under control.  This was the time for big thinking, for shedding partisanship and putting the country’s economic future at the top of the list,” said Dan Varroney, acting President and CEO of TechAmerica. “This failure to confront our national economic crisis will have long-term ramifications for the country, creating uncertainty that will impact capital markets and reverberate through the all sectors of the economy, specifically the technology industry.”

“The immediate ramifications for the defense industry, which will have to now plan for the worst case scenario, are dire. This becomes an issue of national security in addition to financial uncertainty,” added Varroney. “How we choose to confront and address this challenge will determine our future environment for growth and innovation.”

On Friday, TechAmerica member executives called on the Supercommittee to go “Go Big” for the sake of the country’s economic future. Specifically the group asked for:

  • A bold, long-term, and comprehensive plan to stabilize the federal budget.
  • A benchmark of $4 trillion in deficit reduction over 10 years.
  • Everything being on the table– spending cuts, tax reform including tax expenditures, and entitlement reform.
  • Sequestration must be avoided to prevent undermining our national security.

“We will continue to push for members of the House and Senate to take up a large scale deficit reduction plan that will lead to financial stability and a restoration of confidence in our economy,” concluded Varroney.

The letter can be found here:  http://www.techamerica.org/Docs/fileManager.cfm?f=techamerica_ceo_letter111811.pdf

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