WASHINGTON — A coalition of chief executive officers from 80 major U.S. companies, including Macy’s Inc.’s Terry J. Lundgren, endorsed raising taxes and cutting spending as a prescription for reducing the federal deficit, as they stepped up pressure on Congress on Thursday to find a bipartisan solution.
The major corporate leaders said that “fiscal uncertainty around the debt (which is running a little over $1 trillion) is hampering hiring, investment and economic recovery.”
The executives are part of the “Campaign to Fix the Debt,” founded by former Sen. Alan Simpson and former White House Chief of Staff Erksine Bowles, which unveiled its CEO Fiscal Leadership Council on Thursday.
Several business leaders associated with the coalition rang the opening bell of the New York Stock Exchange on Thursday and urged Congress to move beyond the gridlock and create a comprehensive, bipartisan deal to reduce the country’s national debt.
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