The debate over whether or not to prevent sequestration cuts is over. As of last Friday, $85 billion in spending cuts will take effect this year and another $1 trillion in cuts will impact the economy over the next decade.
But if you thought the debate over America's finances was over, think again. Two more fiscal roadblocks loom: the continuing resolution to keep the federal government operating and yet another debt ceiling deadline.
The Daily Ticker recently spoke to David Walker, former U.S. comptroller general and CEO of the Comeback America Initiative. He said Washington policymakers were "a global embarrassment" because they continue to play a game of chicken over taxes and the deficit at the expense of the American public.
John Paul DeJoria, billionaire co-founder and CEO of John Paul Mitchell Systems and owner of Patron Spirits, joined the show to discuss this dysfunction in Washington and the impact it had on business and the private sector.
"This is having on business is a big effect," says DeJoria. "Business people say, 'We don't know what is going to happen next.'"
This uncertainty may not be hurting his individual businesses specifically but DeJoria says it has stopped Corporate America from investing and hiring.
As for the sequester, DeJoria admits that it's bad policy. But he believes it may also be a good thing.
"Finally [Congress] is forced to take some money off the deficit," he says.
Moving forward, DeJoria suggests Congress should actually take a page out of Corporate America's playbook and learn how to live within a budget.
"The government should learn from business people how to balance their books," he says.
The Senate has not passed a budget in four years.
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