Business Roundtable presses for 'fiscal cliff' solution

A top business group launched a campaign Tuesday pressing Congress and the White House to deal with looming tax and spending issues before the end of the year. 

The Business Roundtable (BRT) is putting its chief executives on the ground to push for an extension of expired and expiring tax provisions until comprehensive tax reform can be enacted, as well as to prevent automatic spending cuts, address the debt ceiling and approve permanent normal trade relations with Russia.

Business groups argue that the uncertainty surround the so-called "fiscal cliff" is stifling business investment and hiring.

“If the last debt ceiling discussion was playing with fire, this time they’re playing with nitroglycerin," said Dave Cote, chairman and chief executive of Honeywell International said in a video to start the campaign. 

"It’s important to recognize that the stakes have gone up across the board when you combine the debt ceiling with the fiscal cliff.”

The chief executives will target lawmakers in videos, print, radio and online advertisements and a website for the “It’s Time to Act” campaign.

“The inaction from Washington on a range of key fiscal and tax policies represents an irresponsible abdication of duty,” said BRT President John Engler. “To improve our economy, which is still struggling to rebound, Congress and the administration must address the immediate threats to U.S. economic growth and competitiveness. It’s time for Washington to act.”

Business groups have been outspoken on the necessity to reach, at the very least, a short-term deal that leads to a grand bargain next year. 

“We can no longer use the excuse of an upcoming election to kick the can down the road on the immediate economic and fiscal challenges facing the country," U.S. Chamber President and CEO Tom Donohue said in a column on Tuesday in the Washington Examiner. 

"The president and the outgoing Congress must work immediately — this year — to prevent the fiscal cliff and lay the groundwork for a Big Deal to restore our nation’s long-term fiscal balance and boost American energy production.” 

Meanwhile, the president is set to meet on Wednesday with a number of chief executives, including Cote, about a way forward on fiscal issues. 

Those also heading to the White House are Mark Bertolini of Aetna, Ursula Burns of Xerox, Kenneth Chenault of American Express, Mike Duke of Wal-Mart, Jeffrey Immelt of General Electric, Andrew Liveris of Dow Chemical, Robert McDonald of Procter & Gamble, Alan Mulally of Ford Motor Co., Indra Nooyi of PepsiCo, Ginni Rometty of IBM and John Watson of Chevron.

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