CEOs step up push for compromise on 'fiscal cliff'
In a sign the end-of-year deadline is taking on more urgency for Corporate America, the group suggested raising revenue "whether by increasing rates, eliminating deductions or some combination thereof." The group had previously backed extending tax cuts for all Americans as a stopgap solution.
"We recognize that part of that solution has to be tax increases," said David Cote, the chief executive of Honeywell who has been active in Washington on fiscal issues. About 160 CEOs signed the letter under the umbrella of the Business Roundtable, a non-partisan group of U.S. chief executives.
The CEOs are renewing a push to persuade lawmakers and Obama to strike a deal to avert the fiscal cliff of $600 billion in automatic tax increases and spending cuts that could cause a recession.
A major sticking point in the talks is that Obama wants to let tax rates rise on more affluent individuals. Most Republicans back extending all tax rates that expire at the end Republicans also want deeper spending cuts than those sought by Obama and fellow Democrats, particularly on entitlement programs like the Medicare and Medicaid health plans.
Republican lawmakers in recent days have indicated willingness to raise some tax rates, if Obama agrees to changes to entitlements.
Talks between Obama and House of Representatives Speaker John Boehner, the top Republican in Washington, are
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