Campaign to Fix the Debt Announces Addition of 40 Prominent CEOs and Business Leaders Calling on Washington to Address Long-Term Debt Problems

Over 160 Business Leaders Continue to Urge Lawmakers to Work Together on a Comprehensive Deal

WASHINGTON, Jan. 10, 2013 /PRNewswire-USNewswire/ -- Forty of the country's most distinguished business leaders have signed on to support the Campaign to Fix the Debt, joining over 2,500 small business owners and 340,000 concerned citizens. Representing every sector of the economy, these business leaders recognize the failure to address the country's growing long-term debt will continue to jeopardize our economic recovery at home and U.S. competitiveness globally. The Campaign's business partners urge lawmakers to work together in the coming months to stabilize and gradually reduce the nation's debt-load as a share of the economy through entitlement reform, spending reductions and greater tax revenues.

"Fix the Debt is a campaign that fundamentally is about moving outside of our collective comfort zones, rejecting the status quo, and it's about a willingness to accept financial and political discomfort for the sake of the country," said Maya MacGuineas, President of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. "Our country's federal debt problems are becoming more urgent each day, and by dragging their feet lawmakers in Washington are only backing us further into a corner. Businesses understand that when looking at long-term challenges you have to tighten your belt to address them. They see the dangers we're facing, and are urging policymakers to address them – and letting them know they have the support to make the hard choices."

"The national debt is a problem that's not going away, so neither are we," said Reid Hoffman, co-founder and executive chairman of LinkedIn. "The fiscal cliff negotiations revealed how dangerous political gridlock can be to the welfare of the country. The growing federal debt is simply too serious a problem to ignore. Instead of allowing it to progress on its current unsustainable path, I'm proud to work with the Campaign to Fix the Debt to amplify the call on Washington for serious change."

While the recent last-minute budget agreement avoided the devastating policies of the fiscal cliff by delaying or canceling most of the provisions built into the deal, it failed to stabilize – much less reduce – the national debt as a share of the economy. In the coming weeks lawmakers will have the opportunity to return to fiscal negotiations as they address the delayed "sequestration" provisions of the cliff. They must utilize the opportunity to make the tough decisions necessary to correct the trajectory of the country's ballooning debt and deficits.

"There are no easy answers, and there are tough but necessary decisions ahead," said David Barger, President and CEO of JetBlue. "The reality of the matter is that we must forge the right path for the country together, and everyone, regardless of political, economic or social background, is going to have to make concessions and chip in to ensure the strength of the economy."

"Avoiding the fiscal cliff earlier this month showed the country that it is possible for our elected leaders to work together to find practical ways forward," said Larry Merlo, President and CEO of CVS Caremark. "Fixing the debt requires decisions that will change the trajectory of spending and provide the foundation for economic growth. In business, making thoughtful decisions helps us remain competitive and strong. We should expect the same from government. We must work openly and constructively to put a plan together that truly changes the equation for the economic well-being of the next generation."

The full membership list of the Campaign to Fix the Debt CEO Fiscal Leadership Council is available here.

For more information about the Campaign to Fix the Debt please visit FixtheDebt.org

SOURCE Campaign to Fix the Debt