Today, John J. Castellani, President and CEO of Business Roundtable, testified before the National Commission on Fiscal Responsibility and Reform, and released the following statement.

“Our member CEOs believe it is critical that the public and private sectors work together to correct the federal budget deficit. This massive structural shortfall threatens our nation’s economic growth and ability to create well-paying jobs for U.S. workers. We must correct this imbalance by taking a two-pronged approach.

“First, we must find ways to control government spending by setting priorities and budgeting rigorously. All spending must be on the table, and we must reduce the growth of mandatory spending programs in particular – including Social Security, Medicare and Medicaid – to sustainable levels. We simply cannot allow these programs to continue uncapped and on autopilot.

“Second, we must pursue comprehensive reform of our tax system to establish a structure that encourages capital formation and helps U.S. companies compete globally. Not only is economic growth the best way to raise steady revenues over time, but adopting a growth-oriented tax structure will also attract investment and increase high-paying jobs.

“As a nation, we face a slow march to recovery and a more globally competitive and intertwined economic environment than ever before. With that in mind, Business Roundtable stands ready to work with lawmakers to address these deficits as quickly and effectively as possible and ensure the continued growth and competitiveness of our economy.”

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