CEOs optimistic Washington will reach consensus on the fiscal cliff
CEOs from JPMorgan (JPM), Aetna (AET), Disney (DIS), Qualcomm (QCOM), United Continental (UAL) and AT&T (NYSE:T) have been calling on Washington to put the rancor aside and start working immediately to avoid sending the economy over the fiscal cliff, which is when tax increases and spending cuts go into effect at the end of the year.
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The CEOs of JPMorgan and AT&T, as well as economist Larry Summers, also expect that dealing with the country's fiscal problem can re-ignite economic growth. Housing is recovering and businesses remain strong, JPMorgan CEO Jamie Dimon said. "If we solve the short-term fiscal cliff and the longer-run fiscal issues, the economy can boom."
AT&T CEO Randall Stephenson said "If we could get this fiscal situation addressed, get a tax code that is more modern and competitive with the rest of the world, I think that with what's happening with energy in this country and what people are prepared to invest in technology, I think we ride a wave in this country for three or four years that's going to be very exciting," he said.
CEOs are optimistic that Washington will find a way to reach a consensus. As United Continental CEO Jeff Smisek said, "They don't really have a lot of choice, do they?"
http://finance.yahoo.com/news/economy-boom-washington-fixes-cliff-165431323.html
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This is why I think a deal will be reached. These CEO dudes are key consituents of the GOP. Making more $Billions is a huge incentive to overcoming their political aversions to working with the President. However, I suspect the most likely outcome is short-term deal just to avoid the "cliff" and then kicking the can down the road on the bigger longer term issues.
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