“The current political paralysis hindering principled compromise has fueled needless economic uncertainty that impedes a more robust economic recovery,” McNerney said.
“Now is the time to act on the even more critical issues of tax reform, sequestration and entitlement reform."
Federal Reserve Chairman Ben Bernanke made a similar plea to lawmakers while testifying at the Senate Banking Committee on Tuesday, saying inaction would only continue to hold back a more robust recovery.
The Senate could vote next week on Democratic and Republican tax plans. Republicans are pushing to extend all the tax cuts for a year, while some Democrats and the White House have called for allowing tax breaks to expire for wealthier taxpayers.
In the letter, BRT suggested that Congress build on the bipartisanship shown in the recent passage of the transportation bill, and not to wait until the lame-duck session of Congress to wrap up work, arguing that several factors could derail needed solutions.
The group of chief executives is calling for a one-year extension of all George W. Bush-era tax cuts and to decide how to replace $1.2 trillion in automatic spending cuts — $109 billion set for next year — with more than half set to hit the Defense Department.
McNerney said the chief executives are "unified in believing that just the threat of America toppling over the so-called fiscal cliff is having a harmful economic impact."
"Further delays in addressing the relevant issues will only increase the economy-chilling uncertainty,” he said.
BRT recently released an economic survey for the second quarter lowering their expectations for sales, capital spending and hiring over the next six months.