Chamber of Commerce Warning: Dem Policies Will Lead to Double-Dip Recession
The president of the US Chamber of Commerce warned today that the US may experience a double-dip recession thanks to the policies of Barack Obama and the Democratic Congress.
Tom Donohue, the Chamber president, also warned democrats that the Chamber will be more active in the 2010 elections and will target politicians who vote against the group’s priorities.
Obama and the democrats tripled the US national deficit in one year.
The Hill reported:
U.S. Chamber of Commerce President Tom Donohue warned the U.S. faces a double-dip recession because of the taxes and regulations under consideration by the Democratic Congress and President Barack Obama.
“Congress, the administration and states must recognize that our weak economy simply could not sustain all the new taxes, regulations and mandates now under consideration. It’s a sure-fire recipe for a double-dip recession, or worse,” Donohue said in a speech providing the Chamber’s outlook for 2010.
Donohue said the lawmakers should not let former President George W. Bush’s tax cuts expire at the end of year and lambasted Democratic efforts on healthcare and financial regulatory reform as well as climate change.
If the tax cuts are allowed to expire, “we will likely end up with even bigger deficits and greater economic misery,” Donohue said.
Many tax lobbyists expect Congress to extend the cuts for people with lower tax rates, but to allow higher rates to be reimposed on those in the top bracket.
He also faulted Obama and Democratic lawmakers for not doing more to create jobs.
Donohue criticized a separate tax on banks floated by the administration on Monday, and said that the rationale for any tax increases would be increased spending, not lowering huge budget deficits exacerbated by the recession.
“We are talking about a massive tax increase in a very weak economy — a tax increase whose clearly intended purpose is not to reduce the deficit, but to pay for more spending,” he said.
He also promised the Chamber would be more involved in the 2010 midterm election than it has been in any other before, and will hold accountable lawmakers who vote against the group’s priorities.