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Arne Sorenson, President And CEO Of Marriott International Calls On Leaders Of Both Parties To Return To Negotiations To "Do No Harm."

Stocks in this article: MAR

BETHESDA, Md., Dec. 28, 2012 /PRNewswire/ -- The following is a statement from Arne Sorenson, President and CEO of Marriott International:

(Logo: http://photos.prnewswire.com/prnh/20090217/MARRIOTTINTLLOGO )

"We've made good progress in 2012 in the hotel industry and in the general economy creating new jobs, re-building the real estate market and boosting consumer confidence. The last thing we need is another crisis of confidence in our political system and the economy like we experienced in August 2011.

The fiscal cliff we face now was created by politicians of both parties the last time they were unable to reach a comprehensive agreement to deal with our runaway federal deficits.  Our political leaders need to reach a balanced deal now, before we go off the fiscal cliff at year end and without creating a new set of future conditions that create a new fiscal cliff in the future.  We are proving today that deferral of the tough issues for future resolution is not a recipe for success.

If there was one message in the election, it's that Americans want our leaders to govern and to do so in a balanced fashion. Revenue increases need to be part of the deal. At $1.2 trillion over ten years, the revenue piece seems fair, provided the spending cuts, including through entitlement reforms, match that level.  With $2.4 trillion from revenue increases and spending cuts, not counting interest or war savings, we can get our federal fiscal situation back on track towards a sustainable set of policies.

There are many different ways to fill in the details of such a plan. I and many others urge our political leaders to get back to the table today and work out a deal by December 31st.  The President and Congress can do no harm only if they act. Act now, decisively, and comprehensively."

Marriott International, Inc. (NYSE: MAR) is a leading lodging company based in Bethesda, Maryland, USA with more than 3,700 properties in 74 countries and territories and reported revenues of over $12 billion in fiscal year 2011. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands. There are approximately 300,000 associates at headquarters, managed and franchised properties. Marriott is consistently recognized as a top employer and for its superior business operations, which it conducts based on five core values: put people first, pursue excellence, embrace change, act with integrity, and serve our world. For more information or reservations, please visit our website at http://www.marriott.com/, and for the latest company news, visit www.marriottnewscenter.com.

 

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