CALLING ON CONGRESSIONAL LEADERS AND THE PRESIDENT TO WORK IN THE SPIRIT OF COMPROMISE TO APPROVE A COMPREHENSIVE, BALANCED DEFICIT REDUCTION PLAN IMMEDIATELY

WHEREAS, the current annual deficit is estimated to be $1.3 trillion at the end of Fiscal Year 2012, and the national debt stands at $15.7 trillion as of June 2012; and

WHEREAS, the growth of the annual deficit and the national debt continues to dominate the debate in Washington on all federal spending and tax policy matters; and

WHEREAS, a Congressional Budget Office report issued in May of 2012 warns that failing to change current federal tax and spending policies puts the country on a course leading to another recession in 2013; and

WHEREAS, the private sector depends on the stability of nation’s economic policy to guide its investment and growth plans; and

WHEREAS, with the national unemployment rate above 8 percent, job creation must remain the top priority for federal policymakers; and

WHEREAS, the future economic health of the nation depends on Washington’s being able to reach a balanced deficit reduction agreement; and

WHEREAS, last year’s debt ceiling agreement includes a draconian, indiscriminate, and arbitrary budget sequestration that would devastate both domestic investment and national defense programs; and

WHEREAS, the National Commission on Fiscal Responsibility and Reform, also known as the Simpson-Bowles Commission, issued a comprehensive report in December of 2010 that calls for spending reductions, entitlement reforms, and tax policy changes; and

WHEREAS, although we may not agree with all the specific provisions contained in the Simpson-Bowles recommendations, the nation's mayors believe that the commission did a commendable job of working together on a balanced approach to deficit reduction which combines spending cuts with new revenue;

NOW, THEREFORE, BE IT RESOLVED, that The United States Conference of Mayors calls on leaders in Washington to return immediately to the negotiating table in order to reach a comprehensive, balanced deficit reduction agreement, in the spirit of the Simpson-Bowles Commission, that will foster long-term economic growth and prevent the implementation of a draconian budget sequestration that ignores the nation’s priorities.