Florida Chamber Working to Avert Fiscal Cliff

November 26, 2012 | Print Print

 

Florida Chamber of Commerce Executive Vice President David Hart and Director of Global Outreach Frank Ryll will be in Washington, D.C. tomorrow to meet with Florida’s Congressional delegation to discuss issues impacting Florida’s business community, and the impending fiscal cliff and budget sequestration that will result in another economic downturn if Congress and the White House don’t act by December 31.

Going over the fiscal cliff would severely impact Florida. Specifically, Florida’s high-skill, high-wage jobs are in danger because of the pending sequestration of $500 billion in defense spending that would hurt defense contractors, manufacturers and many related job creators.

After the debt ceiling agreement, the Super Committee created by President Obama was tasked with cutting $1.2 trillion over 10 years. The failure of the Super Committee resulted in spending cuts that are now set to occur through sequestration. Defense sequestration will hurt Florida’s manufacturers and defense contractors as government contracts vanish. Add large tax increases from not extending federal tax cuts passed in 2001 and 2003 to the mix and the nation is poised to fall off the fiscal cliff in January 2013.

Going over the fiscal cliff could strangle economic recovery here in Florida and across the nation. Earlier this month, the non-partisan Congressional Budget Office warned that the economy will enter a recession next year if the country goes over this fiscal cliff. Specifically, the CBO warned that the U.S. economy would contract by 0.5 percent in 2013 and as much as 2.9 percent in the first half of the year. The CBO also warned that the national unemployment rate would rise from 8.2 percent in 2012 to 9.1 percent in 2013 – putting the U.S. in another economic recession unless the tax cuts are extended.

The Florida Chamber is working with the U.S. Chamber of Commerce to lead the fight against going over the fiscal cliff and sequestration. The Florida Chamber has signed a letter to Congress and the President urging them to act immediately. The nation is facing the largest tax increase in American history and ill-designed, across-the-board discretionary spending cuts.

Join the Florida Chamber’s effort to keep America from falling off the fiscal cliff and save high-skill, high-wage jobs in Florida! Contact Sal Nuzzo at (850) 521-1276 or snuzzo@flchamber.com to learn more. ACT NOW by contacting your member of Congress and Florida’s Senators Bill Nelson and Marco Rubio, and tell them to end this threat to Florida’s and America’s economy NOW!

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