Letter to U.S. Senate Finance Chairman Orrin Hatch: “Debt Management and Fiscal Responsibility Act of 2016”

By SBE Council at 13 July, 2016, 10:43 am

The Honorable Orrin Hatch

Chairman

Senate Finance Committee

United States Senate

Washington, D.C.  20510

Dear Chairman Hatch:

On behalf of the Small Business & Entrepreneurship Council (SBE Council) and our 100,000 entrepreneurs and small business members, I am pleased to support the “Debt Management and Fiscal Responsibility Act of 2016.”

There are many issues that entrepreneurs are concerned about, and unmanageable government spending tops the list.  The financial condition of the U.S. government fully affects our economy and the confidence of investors and entrepreneurs.  Unfortunately, the financial condition of our government is in disastrous shape – the debt now tops $19 trillion.  Solutions and accountability are needed to address this serious problem.

The “Debt Management and Fiscal Responsibility Act” is a simple but important approach that would bring tools to Congress and accountability to federal government officials charged with managing and keeping a close eye on the nation’s balance sheets.  The bill would require the U.S. Treasury Secretary to appear before Congress to report about the public debt before it reaches its statutory limit.  The report would provide critical information about the status of the nation’s finances, and specific ways presidential administrations intend to address and reduce the debt under various scenarios. All members of the U.S. Senate should support this common sense legislation, which will provide members with more information to guide their decisions about financing the debt.

Especially in today’s uncertain economy, successful entrepreneurs focus daily on fiscal restraint and accountability. They are disciplined to think and plan for the short and long-term, and develop contingency plans in the case of revenue shortfalls, unforeseen cost hits, or unexpected market conditions. Unfortunately, the federal government does not act or think in this way, but it needs to.  The “Debt Management and Fiscal Accountability Act” would require such an approach.

Entrepreneurs want our federal elected officials to get America’s fiscal house in order. A strong and sustainable U.S. economy and our competitiveness depend on it.  Thank you for your leadership on this important issue, and SBE Council looks forward to working with you to advance the “Debt Management and Fiscal Responsibility Act” into law.

Sincerely,

Karen Kerrigan, President & CEO