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Published: Saturday 26 October, 2013

online clothes shops online clothes shops ?Corporate America voices frustration on fiscal cliff deal

BOSTON Reuters While Washington fiddles, corporate America fumes. economy from sliding over the fiscal cliff and into recession.

While chief executives expressed relief that lawmakers had managed to avert tax hikes and sharp spending cuts that would have come without an agreement, they said the deal did not do enough to stem the rise in the nations $16 trillion debt. can still govern effectively, said Honeywell International Inc CEO David Cote.

He is a driving force behind a lobbying group of more than 100 CEOs called the Fix the Debt group. stocks rallied on their first trading day of the year. Many economists, including the nonp online clothes shops artisan Congressional Budget Office, had forecast that in the absence of a deal, the economy could fall back into recession.

The deal passed the House of Representatives on Tuesday despite heavy opposition from the majority Republicans and was seen as a victory for President Barack Obama, who had called for higher taxes on the wealthiest Americans.

Business leaders complained that the 13thhour deal failed to solve the nations longterm budget imbalances.

This deals a disaster, said Peter Huntsman, chief executive of chemical producer Huntsman Corp. Were borrowing more and more money. This did absolutely nothing to address the fundamental issue of the debt.


Executives blasted the political logjam that prevented the deal being reached until January 1, leading to months of uncertainty that some contend hurt the economy by causing businesses and consumers to delay spending. They noted that a similar period of anxiety lies ahead as Congress next month will need to determine whether to raise the nations borrowing limit.

The last standoff on the debt ceiling, in the summer of 2011, led Standard Poors to strip the United States of its topnotch AAA credit rating.

Much more heavy lifting remains to ensure the countrys economic wellbeing and security, said Joe Tucci, CEO of EMC Corp and a member of the Fix the Debt group. Leadership on both sides must now set the party lines aside and lead the way to online clothes shops a comprehensive and bipartisan plan thats sufficient in size and scope to decrease the debt . not a series of stopgap measures agreed to on la online clothes shops stminute deadline.

Former Wells Fargo Co CEO Dick Kovacevich said current executives should keep up their pressure on politicians to solve the debt issue.

The political gridlock in Washington is a disaster. It appears to me that its getting worse, not better, Kovacevich said.

All of this uncertainty leads to a lack of decisionmaking. They dont know what their budgets will be, said Robert Cresanti, vice president of government relations for SAP America Inc, a unit of SAP AG, the worlds biggest maker of business management software. Department of Commerce during President George W. Bushs second term, said the ongoing uncertainty about the nations longterm budget will cause government agencies at all levels to delay committing to new spending.

Tom Werner, CEO of SunPower Corp, a solar panel maker and project developer majority owned by Frances Total SA agreed. But he said in the short term, having a deal was a positive development.

Business people like visibility and stability, Werner said. It sure would have been nice to get the debt ceiling figured out . President Jimmy Carter says some religions sexistNSA collected masses of raw Internet data on Americans reportObama jabs Russia, China on failure to extradite SnowdenSpain ruling party extreasurer sent to jail in corruption case

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