PRESS RELEASE
PARTNERSHIP FOR NEW YORK CITY
New York, New York
October 26, 2011
press release (PDF 83K)Leaders of the Partnership for New York City Urge Congress to Meet the Deadline for a Deficit Reduction Plan
The Partnership for New York City calls for Congress to agree on a definitive deficit reduction plan no later than November 23rd.
That is the deadline for the Joint Select Committee on Deficit Reduction (the “Super Committee”) to come back to Congress with a detailed plan for identifying $1.2 to $1.5 trillion in deficit reductions over the next decade. Business leaders in New York and across the country agree that failure to achieve bipartisan agreement on a plan will further undermine consumer and employer confidence and slow the economy.
The Partnership’s position statement comes after an October 13th trip to Washington, DC. During that visit, New York business leaders, led by Partnership co-chairs, American Express CEO Kenneth I. Chenault and Macy’s CEO Terry J. Lundgren, met with lawmakers and urged them to break partisan gridlock and send a signal that the nation is serious about addressing its fiscal challenges.
Members of the Partnership are among the nation’s largest employers. They have seen firsthand the impact the recession has had on businesses and their hiring decisions.
“As the nation’s business capital, New York is sending a strong message to Congress that we need to see bipartisan agreement on a plan for reducing the deficit and a commitment to create a more competitive tax and regulatory environment,” said Partnership Co-Chair Kenneth I. Chenault. “That is the key to restoring employer confidence and getting America back to work.”
“Macy*s is in the process of hiring 78,000 new employees for the holiday shopping season, which is a 4% increase over last year,” said Partnership Co-Chair Terry J. Lundgren. “We hope to create a few thousand more permanent jobs in 2012, but that depends on what happens to consumer confidence. Americans are looking to our leaders in Washington, DC to provide that confidence by working together to deliver a plan which will lead to job creation and improved economic conditions.”
“A bipartisan deal that significantly reduces the budget deficit and results in a path to entitlement and tax reform will put this nation back on track,” said Kathryn Wylde, President & CEO of the Partnership for New York City. “It will send a powerful signal that partisan gridlock is finally giving way to real solutions that will improve the economy.”
About the Partnership for New York City
The Partnership for New York City’s mission is to engage the business community in efforts to advance the economy of New York City and maintain the city’s position as the center of world commerce, finance and innovation. Through the New York City Investment Fund, the Partnership contributes directly to projects that create jobs, improve economically distressed communities and stimulate new business creation. Partnership companies account for nearly 7 million American jobs and contribute over $740 billion to the national GDP.