State governors are building their budgets despite the so-called "fiscal cliff." On Tuesday, the U.S. Chamber of Commerce (USCC) discussed the challenges facing individual states in the midst of these upcoming budgetary adjustments.
Chamber of Commerce President Thomas Donohue gave introductory remarks on a forum titled "Exploring How States Make Tough Decisions in the Face of Fiscal Challenge." New York’s former Lieutenant Governor Richard Ravitch followed Donohue and delivered a report on the fiscal health of states.
In the second panel, chiefs of staff to the governors of Virginia, Colorado, Oklahoma and Wisconsin presented the states' perspective on the issue.
Former Comptroller General David Walker and former Congressional Budget Office Director Rudy Penner took part in the third panel. They discussed on-going negotiations over the "fiscal cliff." Both agreed raising taxes won’t solve all the problems, and called for changes to entitlement spending.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.