Budget

Business executives to supercommittee: Failure is not an option

{mosads}Failure to reach the agreement required by the law authorizing the panel would cast doubts on America’s ability to deal with its problems, the group of CEOs said. They said, however, are confident the supercommittee can find a way forward.

The letter came on the same day the panel held another public hearing, this time with Congressional Budget Office Director Douglas Elmendorf.

Behind closed doors, Democrats on the panel are pushing for billions of dollars in stimulus spending, and for more than half of the deficit-reduction package to consist of tax increases. However, Republicans so far appear to be holding firm on their vow to reject any tax increases as part of deal, insisting any plan must consist entirely of spending cuts.

Even as challenges mount for the group, the roundtable is still holding out hope the panel can “go big” and exceed its $1.5 trillion mandate. Emphasizing that meeting the requirement is the top priority, Engler nonetheless urged the group to also go further and recommend to Congress a multi-year growth and deficit-reduction strategy.

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