WASHINGTON (Oct. 25, 2012) â Chief executives of more than 80 major U.S. corporations are banding together to pressure Congress to reduce the federal deficit with tax-revenue increases as well as spending cuts, according to a story in todayâs edition of the Wall Street Journal written by David Wessel.
In a statement to be released today, the CEOs say any fiscal plan âthat can succeed both financially and politicallyâ has to limit the growth of health-care spending, make Social Security solvent and âinclude comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit,â the Journal reports.
Regardless of which party wins the White House in November, the CEOs who signed the manifesto say tax increases are inevitable.
âThere is no possible way; you can do the arithmetic a million different waysâ to avoid raising taxes, said Mark Bertolini, CEO of Aetna, the Wall Street Journal says. âYou canât tax your way to fix this problem, and you canât cut entitlements enough to fix this problem.â
The statement was organized by the Fix the Debt campaign, a bipartisan effort inspired by Republican Alan Simpson and Democrat Erskine Bowles, who chaired a 2010 deficit panel appointed by President Obama and have been crisscrossing the country sounding fiscal alarms.
To read the entire story on the Fix the Debt website, click here.
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