Appropriately enough, the Wall Street Journal tells us about THIS COUNTERINTUITIVE DEVELOPMENT:
The Business Roundtable, a group of the nation’s top CEOs, Tuesday urged lawmakers to consider raising taxes to avert the fiscal cliff, a shift for business leaders who had previously said they wanted all tax cuts extended for one year.
“We urge you to step forward and demonstrate that principled compromise is once again possible and that the American political system that underpinned the economic success of our nation and others can function as designed,” the group said in a letter to House and Senate leaders. A similar letter was also sent to the White House. The chief executives of Boeing Co., Dow Chemical Co., American Express Co. and other large businesses signed the letters.
Last week, President Barack Obama spoke to the Business Roundtable, telling an audience of more than 100 chief executives that a number of them supported his call for a tax increase on the nation’s wealthiest taxpayers. “I’ve been struck by the number of CEOs who said we’re willing to pay slightly higher taxes if it means that we’ve got the kind of certainty and stability over the long term that allows us to invest and hire with confidence,” he told the Business Roundtable.
On Tuesday, Honeywell International Inc. Chief Executive David Cote explained the Roundtable’s change of heart: “We think that compromise and showing our ability to govern is more important than sticking to any particular ideological view.”
And then there’s THIS from Steve Benen:
The Business Roundtable’s new policy position comes two weeks after a series of business leaders and Wall Street executives also rejected Republican debt-ceiling efforts, arguing that another GOP-imposed crisis would be awful for America’s private sector.
Ordinarily, this would matter quite a bit to Republicans — after all, folks like those in the Business Roundtable are effectively the GOP base. But for now, the nation’s “job creators” are siding with President Obama, rejecting Republican antics, and leaving congressional GOP leaders in an awkward position.