BRT CEOs Letter to the President Re: Smart Reforms and the Fiscal Cliff

7/30/2019 BRT CEOs Letter to the President Re: Smart Reforms and the Fiscal Cliff

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300 New Jersey Avenue, NW Telephone 202.872.1260Suite 800 Facsimile 202.466.3509Washington, DC 20001 Website brt.org

December 11, 2012

The PresidentThe White HouseWashington, DC 20500

Dear Mr. President:

As CEOs of companies representing more than $7.3 trillion in annual revenuesand more than 16 million employees, we write to express our belief that theUnited States will suffer significant negative economic, employment, and socialconsequences for going over the fiscal cliff. In many cases the damage will belong-lasting, if not permanent. But it does not have to happen.

We urge you to step forward and demonstrate that principled compromise isonce again possible and that the American political system that underpinned theeconomic success of our nation and others can function as designed. For far toolong, political paralysis has fueled global uncertainty that discourages businessesfrom investing and hiring new workers. This paralysis must come to an end, and

in a way that resists the temptation to declare winners and losers.

We pledge our active support for a compromise that includes comprehensiveand meaningful tax and entitlement reforms that result in market-crediblespending reductions and revenue growth. The deal should be a balancedsolution to the fiscal cliff and long-term deficit and debt issues. To address thesechallenges with the scale of response required, no options should be precludedfrom a potential solution.

Compromise will require Congress to agree on more revenue whether by

increasing rates, eliminating deductions, or some combination thereof and theadministration to agree to larger, meaningful structural and benefit entitlementreforms and spending reductions that are a fiscally responsible multiple of increased revenues. By initiating these reforms simultaneously, and withoutundermining the broader reforms both parties believe should be pursued, youcan rebuild the trust needed for our political system to function and theconfidence needed for businesses to invest in new factories, equipment, andemployees.

Chairman

W. James McNerney, Jr.The Boeing Company

President

John Engler Business Roundtable

Executive Committee

Ajay BangaMasterCard Incorporated

Ursula M. BurnsXerox Corporation

Kenneth I. Chenault American Express Company

David M. CoteHoneywell International, Inc.

Alexander M. Cutler Eaton Corporation

James DimonJPMorgan Chase & Co.

Michael T. DukeWal-Mart Stores, Inc.

Jeffrey R. ImmeltGeneral Electric Company

Andrew N. LiverisThe Dow Chemical Company

Gary W. LovemanCaesars Entertainment Corporation

Robert A. McDonaldThe Procter & Gamble Company

Harold McGraw IIIThe McGraw-Hill Companies

Douglas R. OberhelmanCaterpillar Inc.

Edward B. Rust, Jr.

State Farm Insurance Companies

Randall L. Stephenson AT&T Inc.

Rex W. TillersonExxon Mobil Corporation

Maggie Wilderotter Frontier CommunicationsCorporation


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December 11, 2012 Page 2

For most of our careers, the American system of governance earned global respect and emulation. Politicians put aside partisan rancor and ideological purity to deal with major challenges. This was a significant asset for the country, a source of confidence with respect to investment, trade, and commerce.

This hard won asset has been tarnished over time, albeit unintentionally.

You now have an opportunity to turn political swords into governing plowshares. This opportunity must not be squandered. The U.S. economy has been stalled on the road to greater prosperity. We believe it is primed for strong and sustained expansion. American businesses know how to create jobs and compete in a diverse global market. We are poised and ready to do so if the conditions for growth are set in a comprehensive agreement on the fiscal cliff.

When all is said and done Americans are interested in solutions. Winston Churchill once said

that Americans can be counted on to do the right thing after exhausting all other alternatives. We just need to do so before it is too late.

Sincerely,

W. James McNerney, Jr. Chairman, President and CEO

The Boeing Company

David M. Cote Chairman and Chief Executive Officer Honeywell International, Inc.

Andrew N. Liveris Chairman & CEO The Dow Chemical Company

Robert A. McDonald Chairman of the Board, President and CEO The Procter & Gamble Company


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December 11, 2012Page 3

Paul W. Jones

Chairman & CEOA. O. Smith Corporation

Enrique O. SantacanaPresident and CEOABB Inc.

Miles D. WhiteChairman & Chief Executive OfficerAbbott

Evan G. GreenbergChairman & CEOACE Group

Andrs R. GluskiPresident and CEOAES Corporation

Mark T. BertoliniChairman, Chief Executive Officer

and PresidentAetna Inc.

Martin Richenhagen

CEO, Chairman and PresidentAGCO

James L. WainscottChairman, President & CEOAK Steel Corporation

Klaus KleinfeldChairman & CEOAlcoa

Lee Styslinger IIIChairman & Chief Executive OfficerAltec, Inc.

Kenneth ChenaultChairman & CEOAmerican Express

James G. CarlsonChairman, President and CEOAmerigroup

James M. Cracchiolo

Chairman and Chief Executive OfficerAmeriprise Financial

G. Steven FarrisChairman & CEOApache Corporation

John EavesPresident & CEOArch Coal, Inc.

Randall L. StephensonChairman & CEOAT&T Inc.

Carlos RodriguezPresident & CEOADP

Dean A. ScarboroughChairman, President & CEOAvery Dennison Corporation


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Ronald L. NelsonChairman & CEOAvis Budget Group

John A. HayesPresident and CEOBall Corporation

Brian MoynihanCEOBank of America

Brent SaundersPresident & CEOBausch & Lomb Incorporated

Marijn E. DekkersCEO Bayer AG

Bayer AG

Riley P. BechtelChairman and Chief Executive OfficerBechtel Group, Inc.

Laurence D. FinkChairman and Chief Executive OfficerBlackRock

Matthew K. RoseChairman & CEOBNSF Railway

Timothy M. ManganelloChairman and Chief Executive OfficerBorgWarner Inc.

Tom SchievelbeinChairman, President and CEOBrinks Company

Maurice R. GreenbergChairman & CEO

C. V. Starr & Co., Inc.

William E. McCrackenChief Executive OfficerCA Technologies

Gary W. LovemanChairman, President & CEOCaesars Entertainment

Denise M. MorrisonPresident and Chief Executive OfficerCampbell Soup Company

George S. BarrettChairman and CEOCardinal Health

Doug OberhelmanChairman and CEOCaterpillar Inc.

Robert SulenticPresident and CEO

CBRE, Inc.

Stephen R. WilsonChairman and CEOCF Industries Holdings, Inc.


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Lee A. McIntireCEOCH2M HILL Companies, LTD.

Walter W. BettingerPresident & CEOThe Charles Schwab Corporation

Aubrey K. McClendonCEOChesapeake Energy Corporation

David M. CordaniPresident & Chief Executive OfficerCigna Corporation

Michael CorbatCEOCitigroup Inc.

Muhtar KentChairman and CEOThe Coca-Cola Company

Francisco D'SouzaCEOCognizant

Brian L. RobertsChairmanComcast Corporation

Andrea J. AyersPresident and CEOConvergys Corporation

Wendell WeeksChairman & CEOCorning Incorporated

Eric C. FastPresident and Chief Executive OfficerCrane Co.

J. Michael LawriePresident & Chief Executive OfficerCSC

Michael WardChairman, President and CEOCSX

Tom LinebargerChairman and Chief Executive OfficerCummins Inc.

Larry MerloPresident & CEOCVS Caremark

H. Lawrence Culp, Jr.President and CEODanaher Corporation

Clarence OtisChairman and Chief Executive OfficerDarden

Kent J. ThiryChairman & CEODaVita HealthCare Partners Inc


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Samuel R. AllenChairman & C.E.O.Deere & Company

Michael DellChairman and CEODell Inc.

Michael D WhiteChairman & CEODIRECTV, Inc.

James E. RogersChairman, President & CEODuke Energy Corporation

Ellen KullmanChair of the Board & CEODuPont Company

James P. RogersChairman & CEOEastman Chemical Company

Alexander M. CutlerChairman and CEOEaton Corporation PLC

John C. LechleiterChairman, President and CEOEli Lilly and Company

Joseph M. TucciChairman and CEOEMC Corporation

James S. TurleyChairman & CEOErnst & Young

David F. MelcherCEO and PresidentExelis Inc.

George PazChairman & CEOExpress Scripts Holding, Inc.

Rex W. TillersonChairman and CEOExxon Mobil Corporation

Frederick W. SmithChairman & CEOFedEx Corporation

William L. McCombChief Executive OfficerFifth & Pacific Companies, Inc.

James A. HughesChief Executive OfficerFirst Solar

David T. SeatonChairman and Chief Executive OfficerFluor Corporation

Pierre BrondeauChairman, President and CEOFMC Corporation


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Richard C. AdkersonPresident and CEOFreeport-McMoRan Copper & Gold

Maggie WilderotterChairman & CEOFrontier Communications Corporation

Gracia MartorePresident and CEOGannett

Jeffrey R. ImmeltChairman & CEOGeneral Electric Company

Ken Powell

Chairman and CEOGeneral Mills

Lloyd C. BlankfeinChairman & CEOThe Goldman Sachs Group, Inc.

James T. RyanChairman, President, and CEOW.W. Grainger, Inc.

Stephen ChipmanChief Executive OfficerGrant Thornton LLP

Dinesh C. PaliwalChairman, President & CEOHarman International Industries, Inc.

William M. BrownPresident and Chief Executive OfficerHarris Corporation

Liam E. McGee

Chairman, President & CEOThe Hartford

Brian GoldnerPresident & CEOHasbro, Inc.

Mark P. FrissoraChairman & CEOHertz Global Holdings, Inc.

Michael McCallisterChairman & CEOHumana Inc.

Virginia RomettyChairman, President and Chief

Executive OfficerIBM

Mike LamachChairman and Chief Executive OfficerIngersoll Rand

John FaraciChairman and CEOInternational Paper

Joseph L. WelchChairman, President and CEOITC Holdings Corp.


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Denise RamosChief Executive Officer and PresidentITT Corporation

Alex GorskyChief Executive OfficerJohnson & Johnson

Stephen A. RoellChairman and CEOJohnson Controls, Inc.

Jamie DimonChairman and Chief Executive OfficerJPMorgan Chase & Co

Carl CamdenPresident & CEOKelly Services, Inc.

Bruce GrewcockPresident & CEOKiewit Corporation

Paul J. DiazChief Executive OfficerKindred Healthcare

John B. VeihmeyerChairman and CEOKPMG

David H. LongPresident & CEOLiberty Mutual Insurance Group

Clarence P. Cazalot Jr.Chairman, President & CEOMarathon Oil Corporation

Roger W. CrandallChairman, President & CEOMassMutual Financial Group

Ajay BangaPresident & CEOMasterCard

Stephen M. JohnsonChairman of the Board, President

and Chief Executive OfficerMcDermott International, Inc.

Harold McGraw IIIChairman, President and Chief

Executive OfficerThe McGraw-Hill Companies

John HammergrenChairman and CEOMcKesson Corporation

Omar IshrakChairman & CEOMedtronic, Inc.

Kenneth C. FrazierChairman, President & CEOMerck

Steve LacyChairman & CEOMeredith Corporation


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Chip McClureChairman, CEO and PresidentMeritor, Inc.

Greg BrownChairman & Chief Executive OfficerMotorola Solutions, Inc.

Robert GreifeldChief Executive OfficerNASDAQ OMX

Thomas C. NelsonChairman, President & CEONational Gypsum Company

Lewis B. Campbell

Chairman and CEONavistar

James L. RoboPresident and Chief Executive OfficerNextEra Energy, Inc.

Charles W. MoormanChairman, President and CEONorfolk Southern Corp.

Wes BushChairman, CEO & PresidentNorthrop Grumman Corporation

Dan DiMiccoChairman and CEONucor Corporation

Michael H. ThamanChairman and CEOOwens Corning

Indra Nooyi

Chairman and CEOPepsiCo

Ian C. ReadChairman & CEOPfizer

Anthony F. Earley, Jr.Chairman, CEO & PresidentPG&E Corp.

Greg C. GarlandChairman and CEOPhillips 66

Steve AngelChairman and CEOPraxair Inc.

Dennis M. NallyGlobal ChairmanPricewaterhouseCoopers

International Limited

Larry Zimpleman

Chairman, President and CEOPrincipal Financial Group

Paul E. JacobsChairman and CEOQualcomm Incorporated


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Thomas J. Quinlan IIIPresident and Chief Executive OfficerR R Donnelley

Richard A. SmithChairman, CEO and President

Realogy Holdings Corp

Keith D. NosbuschChairman and CEORockwell Automation

Clayton M. JonesChairman & Chief Executive OfficerRockwell Collins

Gregory T. SwientonChairman & CEORyder System, Inc.

Christopher A. ViehbacherChief Executive OfficerSanofi

Bill McDermottCo-CEO and Executive Board MemberSAP AG

Jim GoodnightCEO

SAS

William V. HickeyChairman and CEOSealed Air Corporation

Eric A. SpiegelPresident and CEOSiemens Corporation

John F. LundgrenPresident and CEOStanley Black & Decker, Inc.

Edward B. Rust Jr.Chairman and CEOState Farm Insurance Companies

John F. FishChief Executive OfficerSuffolk Construction Company

Russ FradinPresident & CEO

SunGard

Gregg SteinhafelChairman, President and CEOTarget Corporation

Trevor FetterPresident and CEOTenet Healthcare Corporation

Gregg SherrillChairman & CEOTenneco Inc.

Scott C. DonnellyChairman & CEOTextron Inc.


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Marc N. CasperPresident and Chief Executive OfficerThermo Fisher Scientific

Glenn A. BrittChairman & CEOTime Warner Cable

Jerry I. SpeyerChairman and Co-CEOTishman Speyer

Russ GirlingPresident & CEOTransCanada Corporation

George R. OliverChief Executive OfficerTyco

Jay S. FishmanChairman and CEOThe Travelers Companies

Louis R. ChnevertChairman & CEOUnited Technologies Corporation

Alan B. MillerChairman, Chief Executive OfficerUniversal Health Services, Inc.

Scott DavisChairman and CEOUPS

Lowell C. McAdamChairman & Chief Executive OfficerVerizon Communications

Philippe DaumanPresident and CEOViacom Inc.

Charles W. Scharf Chief Executive OfficerVisa Inc

Michael DukePresident and CEOWal-Mart Stores, Inc.

John CannonInterim President & CEOWellPoint, Inc.

John J. EngelChairman, President & CEOWESCO International, Inc.

John F. BarrettChairman, President and Chief

Executive OfficerWestern & Southern Financial Group

Daniel S. FultonPresident & CEOWeyerhaeuser Company

Jeff M. FettigChairman & CEOWhirlpool Corporation


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Alan S. ArmstrongPresident & CEOThe Williams Companies

Jeffery R. GardnerPresident and CEO

Windstream Corporation

Michael J. KasbarPresident & CEOWorld Fuel Services Corporation

Stephen P. HolmesChairman & CEOWyndham Worldwide Corporation

Ursula M. BurnsChairman and Chief Executive OfficerXerox Corporation

Documents

BRT CEOs Letter to the President Re: Smart Reforms and the Fiscal Cliff