National Electrical Manufacturers Association (NEMA) today called on Congress and the White House to rise above partisanship to find common ground to avoid the “fiscal cliff” threatening our nation’s economy, solvency, defense, and vital operations.
“Clearly, there are strong and legitimate differences of opinion among our nation’s elected officials on tax policy, spending levels, and how to resolve our long-term debt problems,” said Evan R. Gaddis, NEMA President and CEO.
“The failure to effectively deal with our fiscal situation and adopt pro-growth policies creates significant uncertainty, and businesses cannot plan for the future. This uncertainty is undermining job creation, investment, and expansion. Policy action is needed now, not at year-end.”
The “fiscal cliff” is a perfect storm of tax, spending, and debt deadlines at the end of 2012. These include the expiration of Bush and Obama tax cuts, across-the-board budget cuts (sequestration), and the federal debt ceiling. Private economists and the bipartisan Congressional Budget Office have warned that the simultaneous tax increases and spending cuts at the beginning of 2013 could push the economy back into recession.
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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