“President Barack Obama’s intensive lobbying to avert big year-end tax hikes and spending cuts resumed over the weekend as he spoke with senior corporate chieftains, including JPMorgan Chase’s Jamie Dimon and legendary investor Warren Buffett,” Mark Felsenthal reports for Reuters. “Dimon has been a harsh critic of tougher rules imposed on the financial services industry after the 2007-2009 recession, but last month backed Obama’s goal of raising taxes on top earners to avert the so-called fiscal cliff.”
Felsenthal reports, “The president, who is on a four-day Asia trip, also spoke with Apple’s Tim Cook, Boeing’s Jim McNerney, and Costco’s Craig Jelinek, a White House official said… Unless Congress and the administration act, individual income tax rates will rise across the board and $109 billion in spending cuts will go into effect on January 1. The so-called fiscal cliff may cut the federal budget deficit but is also forecast to drag the economy back into recession.”
“Dimon said last month that it was ‘terrible policy’ to let the fiscal cliff deadline draw so near before beginning talks,” Felsenthal reports. “He also said he would be willing to see his tax rate rise if it meant avoiding any economic shock.”
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