Bloomberg joins a debt-reduction group and urges compromise, unspecifically
Mayor Michael Bloomberg has joined the Campaign to Fix the Debt as a national co-chair.
The group of business leaders is pushing for a comprehensive solution to the so-called fiscal cliff, which would reduce the nation's deficit by both raising taxes and cutting spending. It was founded by Alan Simpson and Erskine Bowles, who previously recommended a specific plan that was mostly ignored by President Obama and Congress.
The group's steering committee includes Steve Rattner, the former car czar and financier, who is a friend of Bloomberg's and manages his personal and foundation assets. The mayor's fellow national co-chairs include former Pennsylvania governor Ed Rendell, and former New Hampshire governor and senator Judd Gregg.
Bloomberg published an opinion piece in the Washington Post today, announcing his addition to the group and arguing that the exact amount of tax increases and spending cuts aren't as important as Washington demonstrating to the business community that it can and will tackle the nation's fiscal problems. Characteristically, the mayor took no position on whether the president or the House Republicans are to blame for the current impasse.
"If businesses see that Washington is still unable to deal with the most basic fiscal management issues, even when it is under enormous political pressure and facing a hard deadline, their investment plans for 2013 may be still further delayed, destroying countless jobs and further stalling a full recovery," he wrote.