Honeywell’s Chairman and CEO Dave Cote joined the National Chamber Foundation, the Campaign for Free Enterprise, and the American Enterprise Institute for a discussion on how to balance the U.S. deficit while striving for economic recovery.
The event, “A Balancing Act: Federal Debt, Deficit, and Economic Recovery,” took place at the U.S. Chamber of Commerce in Washington D.C. and was attended by more than 250 economic, political, and global business leaders.
“The seeds of the next recession have already been planted,” said Cote. “The debt burden accumulated over the next ten years will sink us. And a decision will get made… one of two ways. One way is to do it now, proactively, and thoughtfully. The second way is to wait until the Bond Market forces us to do it. We can ask Greece what that’s like.”
“There does come a time when a problem is so big it requires everyone pulling together… not pulling apart. This is one of those times… this is one of those issues,” continued Cote.
In 2010, Cote was named by U.S. President Barack Obama to serve on the bipartisan National Commission on Fiscal Responsibility and Reform, which was created to address U.S. economic challenges and achieve fiscal sustainability over the long-term. Cote was also named co-chair of the U.S.-India CEO Forum by President Obama in 2009, and has served on the Forum since July 2005.
For more information, watch Dave Cote’s speech or view the full text and presentation slides.
