Statement Regarding Ongoing "Fiscal Cliff" Negotiations

Dec 18, 2012, 15:32 ET from Campaign to Fix the Debt

WASHINGTON, Dec. 18, 2012 The following is a statement from Mayor Michael Bloomberg, Sen. Judd Gregg, and Gov. Ed Rendell, national co-chairs of the Campaign to Fix the Debt:

"We are encouraged that negotiations between President Obama and Speaker Boehner over the 'fiscal cliff' are continuing and we are hopeful they will successfully come up with a plan to avert the fiscal cliff and replace it with a comprehensive debt reform plan. However, we are concerned that the parties may not be able to reach a deal, or that they may end up with a deal that is not large enough to change the unsustainable trajectory of our national debt. It is critical that all parties remain at the table to continue negotiations toward a bipartisan agreement on a comprehensive plan to stabilize the debt before we hit the fiscal cliff.

"Instead of merely averting the fiscal cliff, any deal should be big enough to stabilize and bring down our national debt as a share of the economy. A deal of this magnitude will have to include spending cuts, structural entitlement reforms, and fundamental tax reform that raises revenues. Proposals that fail to address our mounting debt in a meaningful way would be a tremendous missed opportunity to deal with the debt that we may not have again, and would leave in place policies that would pose risks to the economy and market confidence. That is why the focus of negotiations must continue to be on replacing the cliff with a truly comprehensive agreement. At this point, all options should be on the table.

"To that end, the Committee for a Responsible Federal Budget has released a myriad of policy options for both health savings and new revenue designed to help negotiators make the final dollar figures work. Additional savings can be found from other spending and entitlement programs.

"The American people are counting on our leaders to stay at the table and get the best deal possible. Our elected leaders in Washington must come together, without concern for ideology or political advantage, and address our fiscal issues head-on, for the benefit of all Americans."

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SOURCE Campaign to Fix the Debt