"Opponents will yell and scream about taxes and cuts destroying the economy," Bloomberg said. "But the same people said the same thing in 1993, when President Clinton and Congress adopted those rates as part of a major deficit reduction plan. And I think everyone would agree that turned out pretty well."
Failure to adopt a comprehensive plan of spending cuts and taxes equaling a lot more than the committee's $1.2 trillion goal risks continued economic stagnation, Bloomberg said.
"Every CEO and business leader that I speak with says virtually the same thing: They are not going to make major investment decisions until they know how Washington intends to grapple with our huge deficits," Bloomberg said.
"The best economic stimulus is fiscally responsible, long-term deficit reduction that sends a clear signal to the private sector about Washington's commitment to economic stability," he said.