Executives make White House stop
December 12th, 2012
02:22 PM ET
10 years ago

Executives make White House stop

Washington (CNN) – Hedge fund and Wall Street executives will head to the White House Wednesday to meet with Valerie Jarrett and the White House economic team as the administration continues to lobby on behalf of their economic positions and tax plan, according to an administration official.

Negotiations over tax rates have been at the center of the ongoing fiscal cliff discussions, with the White House insisting rates for the top 2% of income earners go up at the end of the year and congressional Republicans holding firm in their opposition.

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Stefan M. Selig of Bank of America/Merrill Lynch, Jonathan D. Gray of Blackstone Group Management, and Jes Staley of JPMorgan Chase are among those set to participate in the meeting, a source familiar with the gathering said.

Wednesday's meeting with executives, along with President Barack Obama's conference call and sit down with mayors, are the latest examples of the White House's effort to persuade the business community to join their cause on the fiscal cliff since the November election.

According to the official, discussions and lobbying from the White House resulted in a change in the tax position from the Business Roundtable, which represents many of the nation's top CEOs.

In a letter to the president Tuesday, representatives from the Roundtable, whom the president recently addressed, opened the door to an increase in the top tax rates, adding that "no options should be precluded from a potential solution" to resolve the fiscal cliff and achieve long term solution to the country's deficit and debt.

"Compromise will require Congress to agree on more revenue – whether by increasing rates, eliminating deductions, or some combination thereof – and the administration to agree to larger, meaningful structural and benefit entitlement reforms and spending reductions that are a fiscally responsible multiple of increased revenues," the letter read.

Filed under: 2012 • Fiscal Cliff • White House
soundoff (17 Responses)
  1. Sniffit

    "and the administration to agree to larger, meaningful structural and benefit entitlement reforms"

    Get that, folks? Exorbitantly wealthy CEOs and executives and corporate shareholders and literally demanding that for every dollar of increase in the marginal tax they pay on income dollar $250,001 and above must essentially be offset by multiple dollars of cuts to BENEFITS received under Medicare and SS. They will not be happy until you are 100% unable to say "forget you if that's all you're going to pay me...I'm going to find a job elsewhere and thank god I have help in the meantime." The GOP/Teatrolls and their masters are out to do exactly what the USSR tried to do, except they want the gulags run by corporations, not the gov't.

    December 12, 2012 02:28 pm at 2:28 pm |
  2. Tommy G

    "Compromise will require Congress to agree on more revenue – whether by increasing rates, eliminating deductions, or some combination thereof – and the administration to agree to larger, meaningful structural and benefit entitlement reforms and spending reductions that are a fiscally responsible multiple of increased revenues," the letter read.

    So where are all the cuts Obama and the Democrats want to make? They are in control of two thirds of the government. Time for them to lead and show the way. Increasing taxes on the top 2% is a solution to NOTHING. It is just meaningless class warfare drivel.

    If the Democrats and Obama refuse to lead then they should resign or be removed from office. It might also help if they started actually producing and passing budgets like they are supposed to do. That would be a great first step to prudent financial management. Something the Democrats know nothing about given they haven't passed a budget in over 3 years while watching the country run up trillion dollar deficits.

    December 12, 2012 02:38 pm at 2:38 pm |
  3. Bruce

    Sorry everyone but this adminsitration will not do a thing concerning entitlements. they never planned to. They never planned to compromsie. they are content on letting us go over the cliff and blame it on the Republicans because Democrats, particularly Reid, Pelosi and their spinelss leader havent' a clue on how to restructure entitlements because as Democrats all they know how to do is tax and spend. They don't have the intelligence to get down to real meaningful reform. They could care less. They're all nothing but a bumch of power hungry liberals that could care less about the average American people.

    December 12, 2012 02:38 pm at 2:38 pm |
  4. James Bond

    Republicans have shown who they fear, not you, not me, super pac funding is where their loyalty lies, time to take back our country, good bye . why argue over a tax rate thats not real, romney was most certainly among the 2%! yet he proudly declared 13-14% tax. less than mine

    December 12, 2012 02:38 pm at 2:38 pm |
  5. Data Driven

    Make White House stop doing what?

    "Top Executives Visit White House" is a better lede. (Yes, I'm "that guy".)

    December 12, 2012 02:41 pm at 2:41 pm |
  6. Dutch/Bad Newz, VA

    We're becoming the Fascists States of America. Government will rather go with the will of corporations rather than the will of the people.

    December 12, 2012 02:57 pm at 2:57 pm |
  7. Keeping it Real

    You have to understand something about Democrats. Each and every last one of them faces an existential threat to their political careers if they do not oppose tax decreases. A miserable existence, I know. Washing the feet of the rich and powerful sounds like a twisted idea of fun, or a nightmare of a job career. Take your pick.

    So, why punish themselves and become Democrats in the first place?

    Credit: Rudy NYC for the original version with my revisions. The history of Democrats seems to elude him.

    December 12, 2012 02:59 pm at 2:59 pm |
  8. Curly

    @sniffit, Hey coke head are you really this stupid????

    December 12, 2012 03:01 pm at 3:01 pm |
  9. Larry in Houston

    GO OVER THE CLIFF !!!! This way – EVERYBODY HAS TO PAY !!! from the homeless people – to the warren buffets of this country . To be perfectly honest – Taxes should be 10% FOR EVERYBODY – from paychecks to whatever you purchase – gas / food / etc – 10% ACROSS THE BOARD – this means 10% on homes – Boats / Yachts / Business TAX – it doesn't matter – 10% NO LOOPHOLES – NONE – even McCain having 9 houses, he would still have to pay Taxes on 9 houses – estate taxes – same 10% – on everything. This way , at least "some" of the IRS employees will end up in the un-employment line.

    December 12, 2012 03:01 pm at 3:01 pm |
  10. Darryl

    Wallstreet thugs even know the POTUS is NOT backing down period.

    December 12, 2012 03:04 pm at 3:04 pm |
  11. rs

    This is what Mr. Obama's proposal to CEO and the GOP should be: "we're asking for the top income earning rate to go back to what it was in 1958- 87%". Now, feel free to negotiate.

    December 12, 2012 03:06 pm at 3:06 pm |
  12. 2012liberal

    Previous artical states that obama has better #'s than boehner. 80% of dem base support obama 25% of boehner rep base approve of his leadership and proposals. B CUZ BASE OF REP PARTY R OVER 60 AND GOP TALKING CUTTING EARNED BENIFITS AND SS! That's their balance. On the backs of elderly, disabled and children! Some christian nation. Lol. Looks like most gop dont know there brother very well.

    December 12, 2012 03:07 pm at 3:07 pm |
  13. rs

    Tommy G-

    Really ? Do you really want to go there? It certainly IS class warfare to ask old people to forgo Medicare and Social Security benefits so that the GOP can give the richest Americans ANOTHER tax break.

    Hint: that ISN'T "class warfare" against the rich.

    December 12, 2012 03:08 pm at 3:08 pm |
  14. rs

    Nor should they on the face of it. Medicare and Social Security are largely self-funded. Now if you wish to talk about income limitations on SSI or Medicare, or raising the payroll rates for high income earners and seniors to be a part of those programs, that would be a fine negotiation point.

    Here's another one- maybe we deny access to those programs to Republicans- since they are so evil, and deleterious to the budget- you guys apparently don't want them.

    December 12, 2012 03:12 pm at 3:12 pm |
  15. Claudia, Houston, Tx

    Money is a powerful thing in the hands of the wealthiest Americans and they use it like WMD's against those who don't have it.

    December 12, 2012 03:14 pm at 3:14 pm |
  16. rs

    So here's where we're at:

    The GOP lost the Presidential election by 4% of the votes where the debate ran being for or against tax cuts for the rich
    They lost 2 seats in the Senate
    They lost 10 seats in the House
    67% of Americans and 70% of voters say raise the taxes on the 2% (back to before the Bush tax cuts of 2001)
    If the fiscal cliff event occurs 65% of Americans blame the GOP
    88% of Americans say that it is bad that lawmakers make pledges to lobbyists

    Yet somehow the GOP feels they have a "mandate" to keep lavishing the richest Americans with tax cuts and want the poor and middle classes to pay for their years of "cut taxes and spend" voodoo economics.

    That my friends is stark, raving insanity.

    December 12, 2012 03:21 pm at 3:21 pm |
  17. rs

    Keeping it Real-
    That is simply Rush trash- Tax rates have never been lower- and look what happened: The GOP cut taxes, and raised spending. Shock! We wind up with large debt.
    Do you actually think the GOP has ANY credibity on this issue? They created the debt and deficit. They haven't passed a budget in the House for two years. Face it- the GOP is a group of demented, crazy people who hate the government and care only about the richest Americans. They're losers, and they know it. They just can't quite figure out how to get out of the ultra radical corner, and their cute little signed pledges to Mr. Norquist that they painted themselves into.

    December 12, 2012 03:30 pm at 3:30 pm |