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National Restaurant Association - Business groups call for action on taxes, budget

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Business groups call for action on taxes, budget

The National Restaurant Association today joined hundreds of other business groups representing millions of large and small businesses in urging President Obama and Congress to take immediate steps to prevent the possibility of automatic tax increases and spending cuts at the end of this year.

In a joint letter, the business organizations called on lawmakers and the White House to extend the 2001 and 2003 tax cuts that will expire Dec. 31, and agree on spending cuts sufficient to forestall across-the-board reductions in federal discretionary spending.

"Failure to address the automatic tax increases and spending cuts would reduce economic growth and could jeopardize economic recovery," the groups wrote. "It is not responsible to wait until the end of the year to take action."

A 2011 budget agreement requires massive budget cuts if Congress and the President can't agree on a plan to reduce the debt. Despite the pressure, Congress appears to be pushing many tax and budget decisions into a lame-duck session it will hold after the Nov. 6 elections.

"The onset of harm to the economy will not wait until year-end," the business organizations said. The NRA and other groups noted that the prospect of a budget crisis at year's end has already made consumers more wary about spending and slowed business investment and hiring.

"The threat of further harm to the American economy is real, and the American people and business community should not be forced to wait. We urge Congress and the President to act now," said the letter.

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