CEOs Push White House, Congress to Reach Fiscal Cliff Deal

CEOs Push White House, Congress to Reach Fiscal Cliff Deal

Some of the country’s most prominent business leaders regretted watching the debt ceiling negotiations from the sidelines in 2011, and they are making amends during the fiscal cliff negotiations by going to Washington to urge the White House and Congress to agree to a deal. 

Business leaders are split on whether taxes should be raised on those making above $250,000, but they do not want to see the country go over the so-called fiscal cliff. 

CEOs from Allstate, Aetna, Caterpillar, Honeywell International, Morgan Stanley, among others, met with White House officials and Obama this week. So did some prominent small business owners. Some CEOs, like Morgan Stanley Chief Executive James Gorman, have even encouraged employees to contact members of Congress to avert the fiscal cliff. 

According to the Wall Street Journal, business executives have discussed “export policy, patents, job training and regulation” with Obama in addition to issues concerning the fiscal cliff.

House Republicans will also meet with CEOs, such as Goldman Sachs CEO Lloyd Blankfein, in addition to small business owners this week. 

Arnulfo Ventura, co-founder of Cobá, a beverage company, said he told Obama that if the country went over the fiscal cliff, fewer Americans during the holidays may purchase his company’s beverages, which cost $1.99 or $2.49 at Whole Foods. 

The Journal noted that other small business owners like Nikhil Arora, “who co-founded a business in his fraternity kitchen that makes mushroom-growing kits out of recycled coffee grounds,” also told Obama that going over the fiscal cliff will adversely impact his business.