Startlingly, 80 American CEOs of major businesses (including General Electric, Bank of America Corporation, Verizon Communications and Allstate Corporation among others) have said that in order for the deficit to be driven down, taxes must be raised along with spending cuts. This advice is for both sides of the political spectrum, but obviously affects Mitt Romney to a higher degree as his tax plan specifically calls for tax cuts, not tax raises.
Forbes reports on the bipartisanship of the statement released from the CEOs, saying,
In a strong political statement from the private sector, more than 80 CEOs from major U.S. corporations penned a release urging Congress to get its act together and find a bipartisan solution to the coming fiscal cliff. But they went farther, rather than asking Washington to find a solution, the chief executives of companies like General Electric, Boeing, Verizon, Aetna, and Goldman Sachs said raising taxes is unavoidable, but that it must come accompanied by “significant spending restraint.” Despite their political inclinations, they are asking Romney and Obama, Republicans and Democrats, to attack the problem from both sides.
They reiterate their bipartisan point again a couple of paragraphs later:
Specifically on taxes, the group of chief executives noted tax hikes are unavoidable. Fixing the deficit without raising taxes makes no mathematical sense, they noted, but that doesn’t mean they are siding with President Obama. They are vouching for “significant spending restraint,” meaning they are looking at both sides of the issue.
Forbes, which is broadly recognized as a conservative publication, fails to note what even Fox mentions:
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.
President Barack Obama has proposed reducing the deficit by slowing spending gradually, to avoid suddenly tipping the economy back into recession. He would raise taxes on households earning more than $250,000 and impose a surcharge of 30 percent on those making more than $1 million.
Barack Obama does plan on decreasing spending. He just plans on doing it in such a way as to minimize the negative impact on the economy.
This statement from the CEOs of these companies should be seen as what it is: a self-preserving call for sanity. You can’t drop the deficit without raising taxes, and these businessmen (multiple of companies far more successful than the parasitic Bain Capital Romney is famed for running) recognize that a business must have a healthy environment within which to operate, and under a cut-taxes-cut-spending-cut-everything plan like Mitt Romney’s (although he hasn’t mentioned exactly what he plans to cut yet; for the math to add up it would have to be a lot), that simply won’t happen.
F0x News reports that the following companies CEOs have their names on the petition, among many others:
The CEOs head a diverse array of corporations, including Aetna Inc., Microsoft Corp., JPMorgan Chase & Co., Time Warner Cable Inc., Merck & Co. Inc., General Electric Co., Dow Chemical Co., Verizon Communications Inc., Bank of America Corp., AT&T Inc. and Allstate Corp.
Hopefully bipartisan support for a budget solution occurs before the end of the year. Unfortunately, that is only likely to happen if one party wins a majority in the House and Senate and manages to grab the Presidency as well.