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Carroll School of Management

David M. Cote

Chairman and Chief Executive Officer, Honeywell International


“America’s Debt Crisis”

“We really need about a $4 trillion deficit reduction or debt reduction package over the next 10 years,” David M. Cote, chairman and chief executive officer of Honeywell International, warned at the February 6 meeting of the Chief Executives’ Club of Boston. Cote used data from the Congressional Budget Office to illustrate the problem and consequences of the country’s $16.7 trillion debt if it is left unchecked. Thomas J. May, president and chief executive officer, Northeast Utilities, introduced Cote. SLIDES »

TAKEAWAYS

“At the end of the day, we need both entitlement reform and tax reform.” TRANSCRIPT AND VIDEO »

“It’s tough to get the kind of tax revenue you need without people in the under $250,000 income range being affected ... You can’t keep saying that I’m going to increase taxes but I’m not going to get it from the middle class ... you just run out of places to go for the money.” TRANSCRIPT AND VIDEO »

“While you could argue [the sequester] will have some slight impact on economic growth this year, my view is that it’s more than overshadowed by the benefits you get in ’14, ’15, and beyond by at least having another $1 trillion of debt reduction.” TRANSCRIPT AND VIDEO »

“I have not found [Massachusetts] to be a business-friendly state.” TRANSCRIPT AND VIDEO »

PRESS COVERAGE

Wall Street Journal: “Honeywell CEO would rather see automatic U.S. spending cuts than nothing” ARTICLE »

Wall Street Journal “MarketBeat”: “Honeywell CEO bangs drum for federal reform” ARTICLE »

Bloomberg.com: “Boehner opposes delay in spending cuts without changes” ARTICLE »

MSN Money (Reuters): “Honeywell CEO on U.S. sequester: ‘We need the reduction’” ARTICLE »

Fox Business (Reuters): “Honeywell CEO argues sequester may be best bet to cut spending” ARTICLE »

Boston Business Journal: “Honeywell CEO David Cote slams Mass. business climate” ARTICLE »

Boston Herald: “Honeywell CEO: Bay State isn’t business-friendly” ARTICLE »