300 New Jersey Avenue, NW Telephone 202.872.1260 Suite 800 Facsimile 202.466.3509 Washington, DC 20001 Website brt.org
Chairman W. James McNerney, Jr. The Boeing Company December 11, 2012
President John Engler The President Business Roundtable The White House Washington, DC 20500 Executive Committee
Ajay Banga MasterCard Incorporated Dear Mr. President:
Ursula M. Burns Xerox Corporation As CEOs of companies representing more than $7.3 trillion in annual revenues
Kenneth I. Chenault and more than 16 million employees, we write to express our belief that the American Express Company United States will suffer significant negative economic, employment, and social
David M. Cote consequences for going over the fiscal cliff. In many cases the damage will be Honeywell International, Inc. long-lasting, if not permanent. But it does not have to happen. Alexander M. Cutler Eaton Corporation We urge you to step forward and demonstrate that principled compromise is James Dimon JPMorgan Chase & Co. once again possible and that the American political system that underpinned the
Michael T. Duke economic success of our nation and others can function as designed. For far too Wal-Mart Stores, Inc. long, political paralysis has fueled global uncertainty that discourages businesses
Jeffrey R. Immelt from investing and hiring new workers. This paralysis must come to an end, and General Electric Company in a way that resists the temptation to declare winners and losers. Andrew N. Liveris The Dow Chemical Company We pledge our active support for a compromise that includes comprehensive Gary W. Loveman Caesars Entertainment Corporation and meaningful tax and entitlement reforms that result in market-credible
Robert A. McDonald spending reductions and revenue growth. The deal should be a balanced The Procter & Gamble Company solution to the fiscal cliff and long-term deficit and debt issues. To address these
Harold McGraw III challenges with the scale of response required, no options should be precluded The McGraw-Hill Companies from a potential solution. Douglas R. Oberhelman Caterpillar Inc. Compromise will require Congress to agree on more revenue – whether by Edward B. Rust, Jr. State Farm Insurance Companies increasing rates, eliminating deductions, or some combination thereof – and the administration to agree to larger, meaningful structural and benefit entitlement Randall L. Stephenson AT&T Inc. reforms and spending reductions that are a fiscally responsible multiple of
Rex W. Tillerson increased revenues. By initiating these reforms simultaneously, and without Exxon Mobil Corporation undermining the broader reforms both parties believe should be pursued, you Maggie Wilderotter can rebuild the trust needed for our political system to function and the Frontier Communications Corporation confidence needed for businesses to invest in new factories, equipment, and employees.
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. Andrew N. Liveris Chairman, President and CEO Chairman & CEO The Boeing Company The Dow Chemical Company
David M. Cote Robert A. McDonald Chairman and Chief Executive Officer Chairman of the Board, President and CEO Honeywell International, Inc. The Procter & Gamble Company
December 11, 2012 Page 3
Paul W. Jones Martin Richenhagen James M. Cracchiolo Chairman & CEO CEO, Chairman and President Chairman and Chief Executive Officer A. O. Smith Corporation AGCO Ameriprise Financial
Enrique O. Santacana James L. Wainscott G. Steven Farris President and CEO Chairman, President & CEO Chairman & CEO ABB Inc. AK Steel Corporation Apache Corporation
Miles D. White Klaus Kleinfeld John Eaves Chairman & Chief Executive Officer Chairman & CEO President & CEO Abbott Alcoa Arch Coal, Inc.
Evan G. Greenberg Lee Styslinger III Randall L. Stephenson Chairman & CEO Chairman & Chief Executive Officer Chairman & CEO ACE Group Altec, Inc. AT&T Inc.
Andrés R. Gluski Kenneth Chenault Carlos Rodriguez President and CEO Chairman & CEO President & CEO AES Corporation American Express ADP
Mark T. Bertolini James G. Carlson Dean A. Scarborough Chairman, Chief Executive Officer Chairman, President and CEO Chairman, President & CEO and President Amerigroup Avery Dennison Corporation Aetna Inc.
December 11, 2012 Page 4
Laurence D. Fink Denise M. Morrison Ronald L. Nelson Chairman and Chief Executive Officer President and Chief Executive Officer Chairman & CEO BlackRock Campbell Soup Company Avis Budget Group
John A. Hayes Matthew K. Rose George S. Barrett President and CEO Chairman & CEO Chairman and CEO Ball Corporation BNSF Railway Cardinal Health
Brian Moynihan Timothy M. Manganello Doug Oberhelman CEO Chairman and Chief Executive Officer Chairman and CEO Bank of America BorgWarner Inc. Caterpillar Inc.
Brent Saunders Tom Schievelbein Robert Sulentic President & CEO Chairman, President and CEO President and CEO Bausch & Lomb Incorporated Brinks Company CBRE, Inc.
Marijn E. Dekkers Maurice R. Greenberg Stephen R. Wilson CEO Bayer AG Chairman & CEO Chairman and CEO Bayer AG C. V. Starr & Co., Inc. CF Industries Holdings, Inc.
Riley P. Bechtel Gary W. Loveman Lee A. McIntire Chairman and Chief Executive Officer Chairman, President & CEO CEO Bechtel Group, Inc. Caesars Entertainment CH2M HILL Companies, LTD. December 11, 2012 Page 5
Aubrey K. McClendon Wendell Weeks Clarence Otis CEO Chairman & CEO Chairman and Chief Executive Officer Chesapeake Energy Corporation Corning Incorporated Darden
David M. Cordani Eric C. Fast Kent J. Thiry President & Chief Executive Officer President and Chief Executive Officer Chairman & CEO Cigna Corporation Crane Co. DaVita HealthCare Partners Inc
Michael Corbat J. Michael Lawrie Samuel R. Allen CEO President & Chief Executive Officer Chairman & C.E.O. Citigroup Inc. CSC Deere & Company
Francisco D'Souza Michael Ward Michael Dell CEO Chairman, President and CEO Chairman and CEO Cognizant CSX Dell Inc.
Brian L. Roberts Tom Linebarger Michael D White Chairman Chairman and Chief Executive Officer Chairman & CEO Comcast Corporation Cummins Inc. DIRECTV, Inc.
Andrea J. Ayers Larry Merlo James E. Rogers President and CEO President & CEO Chairman, President & CEO Convergys Corporation CVS Caremark Duke Energy Corporation
December 11, 2012 Page 6
Pierre Brondeau Ellen Kullman George Paz Chairman, President and CEO Chair of the Board & CEO Chairman & CEO FMC Corporation DuPont Company Express Scripts Holding, Inc.
James P. Rogers Rex W. Tillerson Richard C. Adkerson Chairman & CEO Chairman and CEO President and CEO Eastman Chemical Company Exxon Mobil Corporation Freeport-McMoRan Copper & Gold
Frederick W. Smith Alexander M. Cutler Maggie Wilderotter Chairman & CEO Chairman and CEO Chairman & CEO FedEx Corporation Eaton Corporation PLC Frontier Communications Corporation
John C. Lechleiter William L. McComb Gracia Martore Chairman, President and CEO Chief Executive Officer President and CEO Eli Lilly and Company Fifth & Pacific Companies, Inc. Gannett
Joseph M. Tucci James A. Hughes Jeffrey R. Immelt Chairman and CEO Chief Executive Officer Chairman & CEO EMC Corporation First Solar General Electric Company
David F. Melcher David T. Seaton Lloyd C. Blankfein CEO and President Chairman and Chief Executive Officer Chairman & CEO Exelis Inc. Fluor Corporation The Goldman Sachs Group, Inc.
December 11, 2012 Page 7
James T. Ryan Mark P. Frissora Alex Gorsky Chairman, President, and CEO Chairman & CEO Chief Executive Officer W.W. Grainger, Inc. Hertz Global Holdings, Inc. Johnson & Johnson
Stephen Chipman Michael McCallister Stephen A. Roell Chief Executive Officer Chairman & CEO Chairman and CEO Grant Thornton LLP Humana Inc. Johnson Controls, Inc.
Dinesh C. Paliwal Mike Lamach Jamie Dimon Chairman, President & CEO President and Chief Executive Officer Chairman and Chief Executive Officer Harman International Industries, Inc. Ingersoll Rand JPMorgan Chase & Co
William M. Brown John Faraci Carl Camden President and Chief Executive Officer Chairman and CEO President & CEO Harris Corporation International Paper Kelly Services, Inc.
Liam E. McGee Joseph L. Welch Paul J. Diaz Chairman, President & CEO Chairman, President and CEO Chief Executive Officer The Hartford ITC Holdings Corp. Kindred Healthcare
Brian Goldner Denise Ramos John B. Veihmeyer President & CEO Chief Executive Officer and President Chairman and CEO Hasbro, Inc. ITT Corporation KPMG
December 11, 2012 Page 8
David H. Long John Hammergren Thomas C. Nelson President & CEO Chairman and CEO Chairman, President & CEO Liberty Mutual Insurance Group McKesson Corporation National Gypsum Company
Clarence P. Cazalot Jr. Omar Ishrak Lewis B. Campbell Chairman, President & CEO Chairman & CEO Chairman and CEO Marathon Oil Corporation Medtronic, Inc. Navistar
Roger W. Crandall Kenneth C. Frazier James L. Robo Chairman, President & CEO Chairman, President & CEO President and Chief Executive Officer MassMutual Financial Group Merck NextEra Energy, Inc.
Ajay Banga Steve Lacy Charles W. Moorman President & CEO Chairman & CEO Chairman, President and CEO MasterCard Meredith Corporation Norfolk Southern Corp.
Stephen M. Johnson Chip McClure Wes Bush Chairman of the Board, President Chairman, CEO and President Chairman, CEO & President and Chief Executive Officer Meritor, Inc. Northrop Grumman Corporation McDermott International, Inc.
Harold McGraw III Robert Greifeld Dan DiMicco Chairman, President and Chief Chief Executive Officer Chairman and CEO Executive Officer NASDAQ OMX Nucor Corporation The McGraw-Hill Companies
December 11, 2012 Page 9
Michael H. Thaman Dennis M. Nally Clayton M. Jones Chairman and CEO Global Chairman Chairman & Chief Executive Officer Owens Corning PricewaterhouseCoopers Rockwell Collins International Limited
Indra Nooyi Larry Zimpleman Gregory T. Swienton Chairman and CEO Chairman, President and CEO Chairman & CEO PepsiCo Principal Financial Group Ryder System, Inc.
Ian C. Read Paul E. Jacobs Christopher A. Viehbacher Chairman & CEO Chairman and CEO Chief Executive Officer Pfizer Qualcomm Incorporated Sanofi
Anthony F. Earley, Jr. Thomas J. Quinlan III Bill McDermott Chairman, CEO & President President and Chief Executive Officer Co-CEO and Executive Board Member PG&E Corp. R R Donnelley SAP AG
Greg C. Garland Richard A. Smith Jim Goodnight Chairman and CEO Chairman, CEO and President CEO Phillips 66 Realogy Holdings Corp SAS
Steve Angel Keith D. Nosbusch William V. Hickey Chairman and CEO Chairman and CEO Chairman and CEO Praxair Inc. Rockwell Automation Sealed Air Corporation December 11, 2012 Page 10
Eric A. Spiegel Gregg Steinhafel Jerry I. Speyer President and CEO Chairman, President and CEO Chairman and Co-CEO Siemens Corporation Target Corporation Tishman Speyer
John F. Lundgren Trevor Fetter Russ Girling President and CEO President and CEO President & CEO Stanley Black & Decker, Inc. Tenet Healthcare Corporation TransCanada Corporation
Edward B. Rust Jr. Gregg Sherrill George R. Oliver Chairman and CEO Chairman & CEO Chief Executive Officer State Farm Insurance Companies Tenneco Inc. Tyco
John F. Fish Scott C. Donnelly Jay S. Fishman Chief Executive Officer Chairman & CEO Chairman and CEO Suffolk Construction Company Textron Inc. The Travelers Companies
Russ Fradin Glenn A. Britt Louis R. Chênevert President & CEO Chairman & CEO Chairman & CEO SunGard Time Warner Cable United Technologies Corporation
December 11, 2012 Page 11
Alan B. Miller John Cannon Jeffery R. Gardner Chairman, Chief Executive Officer Interim President & CEO President and CEO Universal Health Services, Inc. WellPoint, Inc. Windstream Corporation
Lowell C. McAdam John J. Engel Michael J. Kasbar Chairman & Chief Executive Officer Chairman, President & CEO President & CEO Verizon Communications WESCO International, Inc. World Fuel Services Corporation
Philippe Dauman Daniel S. Fulton Stephen P. Holmes President and CEO President & CEO Chairman & CEO Viacom Inc. Weyerhaeuser Company Wyndham Worldwide Corporation
Charles W. Scharf Jeff M. Fettig Ursula M. Burns Chief Executive Officer Chairman & CEO Chairman and Chief Executive Officer Visa Inc Whirlpool Corporation Xerox Corporation
Michael Duke Alan S. Armstrong President and CEO President & CEO Wal-Mart Stores, Inc. The Williams Companies