Corporate duel over Fix the Debt campaign
Posted on November 03, 2012 at 22:50 PM EDT
Corporate duel over Fix the Debt campaign Shock, horror inside the Tax Relief Coalition, which counts the politically powerful U.S. Chamber of Commerce and National Federation of Independent Business among its 1,000 trade associations, companies and business groups. Should, for example, any deficit deal include ending the Bush-era tax cuts for the wealthy, "the small business community will rise up in arms," said Jade West, a senior vice president at the National Association of Wholesaler-Distributors, a coalition member. The internecine dispute comes just weeks before we all go over the "fiscal cliff," when automatic spending cuts and tax increases take effect unless some kind of deficit reduction deal is reached before midnight Dec. 31. The Fix the Debt campaign, founded by President Bill Clinton's onetime Chief of Staff Erskine Bowles and former GOP Sen. Alan Simpson, has raised $37 million since its launch in July "to press policymakers to pass meaningful debt legislation." Raising taxes is, of course, a delicate issue in corporate America, and the campaign doesn't explicitly use the term or elaborate on the "effective framework" provided bythe Simpson-Bowles Commission - which, to the distress of many Democrats, calls for a $200 billion cut in discretionary spending and raising the retirement age for Social Security. [...] he was the only Republican to cross party lines and support the ban on offshore oil drilling when he served in the state Legislature.