Realogy CEO Among Business Leaders Urging Congress and White House to Take Responsible Steps on Debt Limit and Commit to a Deficit Reduction Plan
The parent company of Coldwell Banker® continues to actively work at the most senior levels of government to address the most pressing economic issues facing our nation.
Specifically, Realogy CEO Richard A. Smith, a member of the influential Business Roundtable organization, is one of the signatories on a July 12th letter from national leaders urging the President and all Members of Congress to take immediate responsible steps on the U.S. debt limit and institute a plan to get the nation’s fiscal house in order by committing to a deficit reduction plan.
Realogy stands alone among the residential real estate industry on this impressive list of signatories that includes members of the Business Roundtable and the U.S. Chamber of Commerce, among other prominent groups.
“July 12, 2011
The President of the United States
The White House
Washington, DC 20500
Members of the United States Congress
United States Capitol
Washington, DC 20510
Dear Mr. President and Members of Congress,
We believe it is vitally important for the US government to make good on its financial obligations and to put its fiscal house in order. With our nation on a sound fiscal footing, we are confident that America’s businesses and entrepreneurs will foster generations of high value, well paying jobs and contribute to a prosperous future. To this end, we believe now is the time for our political leaders to act.
First, it is critical that the US government not default in any way on its fiscal obligations. A great nation – like a great company – has to be relied upon to pay its debts when they become due. This is a Main Street not Wall Street issue. Treasury securities influence the cost of financing not just for companies but more importantly for mortgages, auto loans, credit cards and student debt. A default would risk both disarray in those markets and a host of unintended consequences. The debt ceiling trigger does offer a needed catalyst for serious negotiations on budget discipline but avoiding even a technical default is essential. This is a risk our country must not take.
Second, our political leaders must agree to a plan to substantially reduce our long-term budget deficits with a goal of at least stabilizing our nation’s debt as a percentage of GDP – which will entail difficult choices. The resulting plan must be long-term, predictable and binding. As businesses make plans to invest and hire, we need confidence that, in the absence of a crisis, our government will not reverse course and return to large deficit spending.
Now is the time for our political leaders to put aside partisan differences and act in the nation’s best interests. We believe that our nation’s economic future is reliant upon their actions and urge them to reach an agreement. It is time to pull together rather than pull apart.
Our company has and will continue to be a part of trying to shape our future rather than just reacting to what happens. Realogy and Coldwell Banker have also been very influential in helping turn the tide of misunderstanding regarding several other very damaging bills that if implemented would be devastating to the fragile real estate recovery.
Thanks to each and every one of you that work so hard everyday to make Coldwell Banker Innovations the preferred market leader in our area.