The Fix the Debt Campaign plans to raise $60 million from big Wall Street corporations like Bank of America, Honeywell and Citigroup to fund ads and a so-called grassroots effort in 35 states. The goal: to pressure Congress to pass a debt-reduction package that borrows from the worst of the Bowles-Simpson plan. Corporate America insists on lowering its own taxes while balancing the budget on the backs of middle-class families. Doesn’t that sound familiar?
Here’s what HCAN’s Executive Director Ethan Rome had to say about Fix the Debt:
The ‘Fix the Debt’ campaign consists of a bunch of self-interested corporate CEOs who benefit from a tax and budget system rigged against the middle class. Now they’re running a multimillion-dollar campaign to preserve their own tax breaks in the name of deficit reduction while slashing programs like Medicare and Medicaid, which are central to the middle class and those working their way into it.
Fix the Debt borrows from the worst of the Bowles-Simpson plan and is strikingly similar to proposals of failed Republican presidential candidate Mitt Romney. The most urgent problem that needs to be solved isn’t fixing the debt – it’s creating jobs and growing the U.S. economy.