The American Institute for International (AIIS) sent a letter from Chairman John Foster to Congressional leaders Monday imploring the leaders of Congress to work with US President Barack Obama to quickly implement legislation that will save the US economy from the impending "Fiscal Cliff."
"In reaching a compromise to the Fiscal Cliff, we request that the Congress and the President also consider the long-term effects of the tax increases," Foster continued.
He said that the AIIS would like for Congress and the Administration to consider stopping "the budget sequestration from going into effect," and "any deficit reduction plan should balance spending cuts with revenue enhancements." Additionally, "spending cuts should not come from discretionary programs alone. Please reach across the aisle in the spirit of compromise with all options being considered."
He went on to say: "The American Institute for International Steel, Inc. understands that in the current political environment it may be necessary to raise taxes on the wealthy (although we remain concerned about the impact any increase in rates would have on small businesses), but this should be done in exchange for lower US corporate income tax rates, which are among the highest in the world, and a long-term sustainable plan for Social Security and Medicare, both which face an uncertain and potentially insolvent future. For these entitlement programs, raising the retirement age, deductibles for medical payments and adjusting the inflation index should be considered as compromise points."
"By this letter, we are requesting that you support the pre-election promises of true and honest bi-partisan cooperation to create a solution that will be as beneficial to the US economy as possible. The AIIS, on behalf of our thousands of trading members and associate personnel, respectfully solicits your help to ensure the vitality of our great nation and the growth of the manufacturing sector, which provides millions of good-paying jobs."