US Chamber chief: ‘Exploding debt’ is threat to economy

January 11, 2013

The chief executive of the U.S. Chamber of Commerce on Thursday said the “exploding national debt” 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.

“As a nation and a people, we must finally face up to the single biggest threat to our economic future — and that is our exploding national debt, driven by runaway deficit spending, changing demographics and unsustainable entitlements,” Donohue said. “Congress 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.”

Donohue said policymakers had squandered the chance for a larger tax-and-spending pact during the recent “fiscal cliff” negotiations, and said that officials on both sides of the aisle needed to put their partisan differences aside.

“Do we have the leaders to put the country first, ahead of their own careers, politics, ideologies and egos?” Donohue, also the Chamber president, declared at his annual “State of American Business” address.

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