As both political parties return to Washington, D.C., to negotiate a budget settlement and stave off the “fiscal cliff,” Marriott International President and CEO Arne Sorenson on Friday made a statement hoping U.S. policy makers “do no harm.”
Here is the text of his statement:
“We’ve made good progress in 2012 in the hotel industry and in the general economy creating new jobs, re-building the real estate market and boosting consumer confidence. The last thing we need is another crisis of confidence in our political system and the economy like we experienced in August 2011.
“The fiscal cliff we face now was created by politicians of both parties the last time they were unable to reach a comprehensive agreement to deal with our runaway federal deficits. Our political leaders need to reach a balanced deal now, before we go off the fiscal cliff at year-end and without creating a new set of future conditions that create a new fiscal cliff in the future.
“We are proving today that deferral of the tough issues for future resolution is not a recipe for success. ??If there was one message in the election, it’s that Americans want our leaders to govern and to do so in a balanced fashion. Revenue increases need to be part of the deal. At US$1.2 trillion over 10 years, the revenue piece seems fair, provided the spending cuts, including entitlement reforms, match that level.
“With $2.4 trillion from revenue increases and spending cuts, not counting interest or war savings, we can get our federal fiscal situation back on track towards a sustainable set of policies.?? There are many different ways to fill in the details of such a plan. Along with other business leaders, I urge our political leaders to get back to the table today and work out a deal by December 31st. The President and Congress can do no harm only if they act now, decisively, and comprehensively.”