Nasdaq CEO calls on Washington to rediscover compromise
If an agreement cannot be reached, then some $600 billion in spending cuts and tax increases will kick in starting Dec. 31. The combination of these two things at once could push the country back into a recession, analysts say.
The Obama administration is pushing for Republicans to allow tax rate cuts for the wealthiest Americans to expire as a way to raise additional revenue.
Republicans, by contrast, want to largely rely on spending cuts to tame the national debt, while extending the lower tax rate for everyone.
Why hasn't the government taken any action? Let's be candid about this. Putting aside the rhetoric and posturing of the past two weeks, the behavior in Washington in recent years confirms that we've lost the ability to compromise, Greifeld said.
On Friday, Obama and top lawmakers agreed to work on a framework for reforming the U.S. tax code and entitlement programs next year.
Although this longer-term plan would not be enough to avert the more immediate fiscal cliff, it is widely seen as an important step toward achieving a compromise. 'FINE' WITH WEALTHY PAYING MORE TAXES
Greifeld confirmed on Monday that he is a member of the Fix the Debt campaign, an ad hoc lobby group made up of more than 80 CEOs pushing for long-term deficit reduction.
The group advocates for reforms to entitlement programs such as Medicare and Medicaid, as well as pro-growth tax reform that would lower rates and
Be the first to comment.