87°
Baton Rouge, Louisiana
3 Day Outlook
Thu
93°
73°
20%
Fri
94°
73°
20%
Sat
97°
74°
60%

Latest Weather Blog

Follow our weather team on social media

Group of major CEOs urges tax hikes, spending cuts

2 years ago October 25, 2012 Oct 25, 2012 Thursday, October 25 2012 Thursday, October 25, 2012 12:55:24 PM CDT in News
Source: Associated Press

WASHINGTON - CEOs from more than 80 major U.S. companies are pressing Congress to reduce the federal deficit by raising taxes and cutting spending. With a sea of red ink confronting the nation, the deficit and how to tame it has become a looming theme in the presidential campaign.

The CEOs head a diverse array of corporations, including Aetna Inc., Microsoft Corp., JPMorgan Chase & Co., General Electric Co. and Dow Chemical Co.

They warned in a statement issued Thursday that uncertainty spawned by annual deficits that have topped $1 trillion for four straight years is dampening businesses' hiring and investment and stifling the fragile economic recovery.

The CEOs say the solution requires a combination of higher taxes, reduced spending on programs such as Medicare and Medicaid and reduced government spending and more investment in infrastructure and math and science education.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days