The current economic situation in the United States is one of unprecedented uncertainty. Because of the level of involvement and complication surrounding our nation’s fiscal policy and its potential changes, audiences are turning in large numbers to politicians who have real monetary and budgetary experience for advice, clarification, and insight. Senators John Sununu (R-NH) and Judd Gregg (R-NH) can explain the ins and outs of our nation’s economic mess, tailored to the financial proficiency of their audiences.
On Monday, November 21, the congressional supercommittee failed to reach an agreement over how to cut $1.2 trillion from the U.S. budget deficit. The Dow Jones fell 300 points, and its tumble was immediately blamed on the supercommittee’s failure. This plunge was partially off-set, however, by investors even more frightened by the economic situation playing out in Europe. Greece and its sovereign debt issues caused an influx in the U.S. bonds market, which – on the up side – shows that investors still consider the U.S. the safest place to house their money.
Despite the supercommittee’s failure, the one fact that both sides agree upon is the need definitively solve the deficit issue. The inability to reach a compromise has now activated an across-the-board $1.2 trillion cut in defense and entitlement spending in 2013. Neither party is happy with the automatic cuts. However, automatic cuts do mean that at least some measures are being taken to reduce the deficit. Standard & Poor’s issued a statement saying that as long as the resulting automatic spending cuts remain intact, the committee’s failure to reach agreement does not necessitate a downgrade of the U.S. credit rating. Now, congressional leaders are calling for an agreement to be put into place before the automatic budget cuts take place in 2013.
Because the extension of the Bush-era tax cuts were the largest sticking point among Republicans and the predominate reason the supercommittee did not reach an agreement, large-scale political ramifications are likely to present an issue for the Party in the upcoming election. This is especially true as popular sentiment reflects the knowledge that the interests of the wealthy were protected at the expense of the majority. As the Occupy Wall Street movement continues to gain traction and change the format of the national debate around fiscal policy, this idea will likely be cemented for many in the coming year.
Senators John Sununu and Judd Gregg are two experts who can discuss these issues and the political future of our nation’s fiscal policy.
Senator John Sununu has dealt with large-scale financial issues in both the private and public sectors, working as the CFO for a technology company before running for office. He draws from this engineering and business background to speak passionately and in great detail about the economic landscape and financial and regulatory reforms, discussing the strengths and weaknesses of proposed legislation with a non-partisan, straightforward style.
In the House, Sununu rose quickly to earn a seat on the Appropriations Committee and was appointed vice chairman of the Budget Committee. During his term in the Senate, he was recognized as an authority on the federal budget process, and financial services regulation. He wrote comprehensive legislation to reform financial giants Fannie Mae and Freddie Mac and drafted a bill establishing federal oversight for national insurance firms. Most recently, Senator Sununu has served as a member of the Congressional Oversight Panel for TARP funds. He currently chairs a Financial Governance Working Group for the World Economic Forum.
Senator Judd Gregg is a national leader on fiscal policy, a well known budget expert, and a respected voice on health care and economic and financial regulatory issues. His expertise on banking issues and derivatives reform positioned him as a pivotal voice in the debate on regulatory reform, and, as a member of the Senate Banking Committee, he served as one of the principal negotiators working to modernize our financial regulatory system.
Senator Greg is a leading voice for fiscal discipline. He was the Ranking Member of the Senate Budget Committee and was a chief negotiator of the Emergency Economic Stabilization Act of 2008. He also served as the lead sponsor of the Deficit Reduction Act of 2005. Working across the aisle, Senator Gregg addressed our looming entitlement crisis and worked to revamp our complex and inequitable tax system. In 2010, Gregg also was appointed to President Obama’s national commission on fiscal responsibility. This bipartisan commission, which was modeled after legislation introduced by Senator Gregg and Senator Kent Conrad (D-ND), was responsible for developing recommendations to help balance the budget and achieve fiscal sustainability over the long term.
If you are interested in having either Senator John Sununu or Senator Judd Gregg at your next meeting or event, please call 1-800-SPEAKER or contact us.