The so-called “fiscal cliff” facing the nation “was created by politicians of both parties” who could not previously reach a deal and leaders “need to reach a balanced deal now,” Arne Sorenson, president and CEO of Marriott International, said in a statement.
A new deal is needed “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,” Sorenson said in a statement.
“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,” Sorenson added. “The last thing we need is another crisis of confidence in our political system and the economy like we experienced in August 2011.”
Plunging off the cliff could have a huge impact on how many trips people take in part because people aren’t sure how to budget for 2013 as tax rates remain in flux, experts suggest. The higher the taxes, the less disposable income people have, which could translate to less travel.
The U.S. Travel Association is calling on lawmakers to avert the cliff, improve the predictability of the market, and reduce the budget deficit.
The association also warned that budget cuts to U.S. Customs and Border Protection, the Transportation Security Administration (TSA), the Federal Aviation Administration (FAA) and the Federal Highway Administration (FHA) could result in bad travel experiences.