David M. Cote, Honeywell Chairman and CEO, Comments on Treasury Secretary Geithner's Letter to Senate Majority Leader Harry Reid on Debt Limits - January 6, 2011

News provided by

Jan 06, 2011, 02:29 ET

MORRISTOWN, N.J., Jan. 6, 2011 /PRNewswire/ --

"I am very supportive of both points made in the Treasury Secretary's letter. First ... the U.S. is the world's reserve currency and it is extremely important that the people who loan us money can trust us. Maintaining that trust is essential and will require the U.S. to raise its debt limit. Second ... that putting our country on a fiscally responsible path is equally as important. The implications for not doing so are enormously negative for the economy. With the prospect of annual trillion dollar interest payments ten years from now, we cannot ignore Secretary Geithner's admonition regarding the creation of a fiscally responsible path. This will require the President and the Congress – Democrats and Republicans – to work together for the good of the country now and over the long-term."