Thursday, October 25, 2012

US CEOs call for action to reduce federal deficit

Chief executives of more than 80 big US corporations, including Goldman Sachs, JPMorgan and Boeing, joined forces today to pressure Congress to reduce the federal deficit with tax reform and spending cuts.

Ahead of a gathering at the New York Stock Exchange, the US corporate chiefs said it is urgent and essential to put in place a bipartisan plan to fix America's debt.

"We are one deal away from fixing the debt and putting our nation back on a stronger economic footing that can restore us to greater job growth," Aetna CEO Mark Bertolini wrote.

"If the Congress can commit to a plan outline as early as possible after the election, it will restore business confidence in our economy and investment will follow," he added.

The CEOs' statement was organized by a group called "The Campaign to Fix the Debt," which is urging Washington to set aside partisan differences to put the country on a sustainable fiscal path. The nonpartisan group said it has raised $30 million over six weeks to help fund a national campaign to push the issue.

The group said any fiscal plan must be bipartisan, tackle all areas of the budget and include tax reform. It also urged the government to reform and improve the efficiency of healthcare programs like Medicare and Medicaid.

"This is about putting the country back on a path that's sustainable for us and for our children," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a call to reporters.