The signing of the Budget Control Act of 2011 and the corresponding end of the debt ceiling fracas is eliciting praise from insurance industry associations.
Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA), says the bill represents a necessary first step toward reducing federal spending and strengthening the nation’s economy. “While the final bill is not perfect, it does provide the framework to help address our nation’s long-term debt and deficit problems,” Pusey said in a statement. “Further, it serves as a signal to the global community that our system of government works and that America is serious about getting its fiscal house in order.”
The American Council of Life Insurers (ACLI), offered a similar sentiment in its statement. “ACLI is pleased that Congress has approved a bipartisan agreement,” the statement reads. “This agreement avoids the serious consequences of a default on the nation’s obligations and represents the first step towards a sustainable fiscal future. This agreement starts us on a path forward to restoring market confidence while putting our nation on a path toward long-lasting fiscal responsibility.”
Pusey noted that the economic stability the bill engenders is vital for the fortunes of the insurance industry.
“With the debt ceiling debate soon behind us, the property/casualty industry is committed to working with policymakers to help foster economic prosperity and competiveness into the future,” she said. “Now, more than ever, we need the combined strength of the U.S. government and the business community, working together, to allow U.S. industry to compete on a level playing field globally and with an appropriate regulatory environment that does not impede economic growth.”
