Chief Executives of more than 80 big U.S. corporations,
including Goldman Sachs, JPMorgan and Boeing, are getting together to pressure
Congress to reduce the federal deficit with tax reform and spending cuts, Reuters told us. In a letter posted on the Wall Street Journal
website late on Wednesday, the U.S. corporate chiefs said it is urgent and
essential to put in place a plan to fix America's debt. The letter is due to be
released on Thursday.
If Congress fails to reach a deficit reduction deal by the
end of the year, it will automatically trigger big spending cuts and tax
increases in 2013. This so-called "fiscal cliff" would hit the
still-recovering U.S. economy hard. The
U.S. deficit in 2012 will top $1 trillion for a fourth straight year, pushing
the national debt past $16 trillion. While the United States currently borrows
at record low interest rates, investors worry this will change……
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