Dave Cote, Honeywell Chairman and CEO, appeared on CNBC’s Squawk Box this morning to discuss the Campaign to Fix the Debt and the unified effort of over 100 CEOs to combat the escalating U.S. debt crisis through a comprehensive debt reduction plan.
“When you start to do the math … the only way you solve this thing is with tax increases and spending cuts. You have to do both and anybody who ever says, no, you can just grow your way out of this – just raise the top two brackets, just cut spending – it's bologna,” said Cote. “We’re trying to be the radical middle that says, you have to be logical about this. You have to fix this problem and take the uncertainty out of the economy.”
Cote continued to highlight the impact of the growing campaign that has united and rallied the business community, promoting economic growth and taking steps to avoid a fiscal crisis.
“This one has shocked not just us, but most people in the Congress. We actually raised $30 million in six weeks and we've got over $35 million committed now. That's what took everybody by surprise,” said Cote. “Some say Simpson-Bowles failed because it didn't get 14 votes. It didn’t get 14 votes but it sure changed the discussion in the country because nobody was talking about this before. Those discussions have begun, but you put on top of that $30 million that says we're focused on this, CEOs are interested… wow, that gets people paying attention.”
To watch the video, visit CNBC’s website.