Honeywell Chairman and CEO Dave Cote continued his efforts to raise awareness for the challenges created by the current U.S. debt situation and the potential impact of a financial crises if the government does not take action, participating in Bloomberg Street Smart CEO Summit: Debt special with UPS Chairman and CEO and Honeywell Board member Scott Davis, BlackRock Chairman and CEO Larry Fink and NASDAQ CEO Bob Greifeld.
The panel of executives came together to discuss the negative impacts of the debt on their businesses, the dangers of the looming financial crisis and how they would like to see the government work to get the nation’s balance sheet restored.
“How we treat this could be a potential disaster or a potential opportunity, and there’s a lot of room here to do something smart,” Cote said.
“You listen to Republicans say there won't be a revenue increase unless there's entitlement reform. And you listen to the Democrats say there won't be entitlement reform unless there's a revenue increase. Now, most of us as businesspeople would say, well, that sounds like a deal. You guys should be able to do something, but for some reason – I say they have the ability to complexify everything.”
The hour-long panel discussion covers issues ranging from how debt impacts the companies, international relations, the debt’s impact to America’s reputation and cuts to government spending. It will continue to air on Bloomberg TV over the next several weeks, or you can watch it online.