Unlikely corporate backers in battle over US taxes

This core group met with Obama on November 16, and included Tony James, president of the Blackstone Group, as well as Roger Altman, a Democratic stalwart who is executive chairman of Evercore Partners, and Robert Wolf, a longtime UBS executive who recently began his own firm, 32 Advisors.

Also in attendance were Blair W. Effron, co-founder of Centerview Partners, and Mark T. Gallogly, a Blackstone veteran who founded Centerbridge Partners in 2005.

To be sure, most executives genuinely fear the consequences of the automatic spending cuts and tax increases if a compromise is not found by Jan. 1, but the efforts by big business to press politicians in Washington could also pay large dividends in the future.

While most business leaders now say they are willing to support increases in tax rates for individuals as well as cuts in entitlement spending, their stance in favor of lower corporate tax rates could actually benefit their bottom lines in the long run.

For now, however, the focus is on reaching a deal by end of the year rather than a broad tax overhaul. At the White House, the outreach effort is being led by Ms. Jarrett, and she has been joined in the meetings

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