Press Release Summary:
NAM President and CEO Jay Timmons issued statement after Joint Select Committee on Deficit Reduction announced it could not agree on deficit reduction plan. According to Timmons, Committee's failure to reach agreement is at best a missed opportunity to put the fiscal house in order and represents a serious step back from goal of creating pro-growth environment that fosters job creation and investment. Moving forward, it is imperative that Congress act to stop automatic cuts to defense spending.
Original Press Release:
Manufacturers: Super Committee Failure Means Missed Opportunity for Economic Recovery
Congressional Action Needed to Avoid Defense Cuts that Threaten National and Economic Security
Washington, D.C., - National Association of Manufacturers (NAM) President and CEO Jay Timmons issued the following statement after the Joint Select Committee on Deficit Reduction announced that it could not agree on a deficit reduction plan:
"The Committee's failure to reach an agreement on deficit reduction is at best a missed opportunity to put our fiscal house in order and represents a serious step back from the goal of creating a pro-growth environment that fosters job creation and investment. Manufacturers continue to be negatively affected by the rising debt crisis and its accompanying uncertainty and shaken consumer confidence. We are extremely disappointed that the Committee did not take advantage of the opportunity to restore confidence and stability to our economy by reforming entitlement programs and creating a tax code that promotes investment, growth and jobs.
Moving forward, it is imperative that Congress act to stop the automatic, significant cuts to defense spending. Cuts in defense spending will have a massive ripple effect throughout the entire manufacturing economy, affecting large defense contractors, tens of thousands of small and medium-sized manufacturers in the defense supply chains and over 1 million workers -- a result we can ill-afford in a struggling economy and a period of such global unrest."
The NAM's Defense Manufacturing Working Group issued a report on the true impact of defense cuts and job losses. Click here for details.
The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.