Washington - Business Roundtable President & CEO Joshua Bolten today issued the following statement on the Senate budget resolution:
"Today’s passage of a comprehensive infrastructure bill was a significant achievement made possible by bipartisan cooperation and compromise. As the Senate considers the budget resolution, Business Roundtable is deeply concerned about potential tax increases on U.S. job creators that would counteract the benefits of infrastructure investment. America needs prudent economic policies that boost, not undermine, the recovery, new job creation and long-term U.S. economic growth.
“Since early 2020, Business Roundtable has supported major emergency relief spending to address the public health crisis, shore up our nation’s hardest-hit small businesses and assist individuals most in need. We have also supported targeted long-term investments to enable workers to develop new skills and be better prepared for changes in the economy.
"But a $3.5 trillion budget resolution on top of this extraordinary spending is troubling. If the massive new spending contemplated in the proposed budget resolution were to materialize, inflation risks would increase dramatically, undermining recovery. In the longer term, a permanent $3.5 trillion increase in federal spending – and corresponding tax increases on American businesses – would impose a substantial debt burden on all Americans or dramatically undermine the competitiveness of the U.S. economy, and more likely do both.
“At a time when our nation is working to bring an end to the pandemic, hardworking Americans are trying to get back on their feet and small businesses hardest hit by the pandemic are rebuilding, weakening the domestic economy with unsustainable spending and business tax hikes would be counterproductive.”