With the across the board federal budget cuts known as “sequestration” looming on Friday, Gov. Pat McCrory this morning urged the federal government to take a strategic approach that makes careful cuts to government spending.
McCrory said that the life science industry could be affected by reduced funding for federal grants that fund early stage research and development work. The work supported by these grants provide long term solutions in health care and agriculture. The governor’s comments came during CED’s Life Science Conference in Raleigh.
McCrory said that while he’s not sure what the long term plan for government spending is, government must find a plan that “makes sense for the next five years, not just the next five months.”
“We need to send a signal to your industry that there is a long term plan for investment,” he said.
The governor acknowledged the cash crunch facing many life science startups and he said his administration supports tax policies that reward venture capital investment. If someone makes takes a risk, they should not be punished for it, he said.
Without offering any details, McCrory said his administration was reviewing tax policies.
