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December 11, 2012The PresidentThe White HouseWashington, DC 20500Dear Mr. President:As CEOs of companies representing more than $7.3 trillion in annual revenuesand more than 16 million employees, we write to express our belief that theUnited States will suffer significant negative economic, employment, and socialconsequences for going over the fiscal cliff. In many cases the damage will belong-lasting, if not permanent. But it does not have to happen.We urge you to step forward and demonstrate that principled compromise isonce again possible and that the American political system that underpinned theeconomic success of our nation and others can function as designed. For far toolong, political paralysis has fueled global uncertainty that discourages businessesfrom investing and hiring new workers. This paralysis must come to an end, andin a way that resists the temptation to declare winners and losers.We pledge our active support for a compromise that includes comprehensiveand meaningful tax and entitlement reforms that result in market-crediblespending reductions and revenue growth. The deal should be a balancedsolution to the fiscal cliff and long-term deficit and debt issues. To address thesechallenges with the scale of response required, no options should be precludedfrom a potential solution.Compromise will require Congress to agree on more revenue – whether byincreasing rates, eliminating deductions, or some combination thereof – and theadministration to agree to larger, meaningful structural and benefit entitlementreforms and spending reductions that are a fiscally responsible multiple of increased revenues. By initiating these reforms simultaneously, and withoutundermining the broader reforms both parties believe should be pursued, youcan rebuild the trust needed for our political system to function and theconfidence needed for businesses to invest in new factories, equipment, andemployees.
W. James McNerney, Jr.The Boeing Company
John Engler Business Roundtable
Ajay BangaMasterCard IncorporatedUrsula M. BurnsXerox CorporationKenneth I. Chenault American Express CompanyDavid M. CoteHoneywell International, Inc. Alexander M. Cutler Eaton CorporationJames DimonJPMorgan Chase & Co.Michael T. DukeWal-Mart Stores, Inc.Jeffrey R. ImmeltGeneral Electric Company Andrew N. LiverisThe Dow Chemical CompanyGary W. LovemanCaesars Entertainment CorporationRobert A. McDonaldThe Procter & Gamble CompanyHarold McGraw IIIThe McGraw-Hill CompaniesDouglas R. OberhelmanCaterpillar Inc.Edward B. Rust, Jr.State Farm Insurance CompaniesRandall L. Stephenson AT&T Inc.Rex W. TillersonExxon Mobil CorporationMaggie Wilderotter Frontier CommunicationsCorporation