Statement On President's Framework for Shared Prosperity and Shared Fiscal Responsibility - David M. Cote, Honeywell Chairman and CEO - April 14, 2011

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Apr 14, 2011, 09:31 ET

MORRIS TOWNSHIP, N.J., April 14, 2011 /PRNewswire/ -- "This is an important big step in the process to resolve our nation's debt crisis. Now all the sides have to get together and pound out an agreement. The Fiscal Commission's recommendation provided the White House and the Congress with a strong starting point. The prospect of growing to $20 trillion in debt (from $9 trillion today) with a trillion dollar annual interest bill even using optimistic economic assumptions is unconscionable. We have three separate plans to reduce our future debt by $4 trillion. Enough facts and plans exist so now it's a matter of making decisions and getting it done. The seeds of the next recession have already been planted. We must act."

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