The chief executive of the U.S. Chamber of Commerce on Thursday said the â€œexploding national debtâ€ is the greatest threat to the U.S. economy.
U.S. Chamber chief Tom Donohue called for Washington to reach a broad deal to rein in deficits in the coming months, while warning that entitlement spending was unsustainable.
â€œAs a nation and a people, we must finally face up to the single biggest threat to our economic future â€” and that is our exploding national debt, driven by runaway deficit spending, changing demographics and unsustainable entitlements,â€ Donohue said. â€œCongress and the administration must focus their attention on this critical priority. Economic growth cannot solve all of our problems, but without growth, we will not be able to solve any of them.â€
Donohue said policymakers had squandered the chance for a larger tax-and-spending pact during the recent â€œfiscal cliffâ€ negotiations, and said that officials on both sides of the aisle needed to put their partisan differences aside.
â€œDo we have the leaders to put the country first, ahead of their own careers, politics, ideologies and egos?â€ Donohue, also the Chamber president, declared at his annual â€œState of American Businessâ€ address.
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