WASHINGTON -
They have their differences politically, but on this point they can agree. CEOs from more than 80 major U.S. companies are pressing Congress to reduce the federal deficit by raising taxes and cutting spending. The deficit and how to tame it has become a key theme in the presidential campaign.
They warn in a statement that uncertainty spawned by the deficit is dampening hiring and investment and stifling the economic recovery.
The CEOs said the solution requires a combination of higher taxes and reduced government spending including on entitlement programs such as Medicare and Medicaid. They also seek federal investment in infrastructure and math and science education.
The CEOs head a diverse array of corporations, including Aetna, Microsoft, JPMorgan Chase, Merck, General Electric, Verizon Communications and Allstate.
The group endorses the proposals of a special bipartisan commission that called for about $3 in spending cuts for every $1 in tax increases to save around $4 trillion. Republican politicians and lawmakers have vigorously opposed tax increases. GOP presidential nominee Mitt Romney would lower deficits mostly through deep spending cuts and eliminating unspecified tax deductions. He also wants to lower the top tax rates on corporations and individuals.
A year-end deadline looms for Congress and the White House to work out a deal on the deficit. Otherwise across-the-board spending cuts and tax increases will automatically kick in, slicing about $100 billion from federal budgets and raising taxes by $400 billion as the nation goes over the so-called "fiscal cliff" in early January.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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