Chief executive officers from DuPont Co. to Honeywell International Inc. urged U.S. politicians to move quickly on tax reform and debt reduction after the standoff over the fiscal cliff hurt the nation's credibility.
Bipartisan cooperation over the $16.4 trillion debt ceiling, averting a further battle between Democrats and Republicans, would give markets confidence and spur economic recovery, Honeywell CEO David Cote said yesterday. Congress and the White House are at "a starting point" after putting a stop to tax increases for than 99 percent of households, said Ellen Kullman, DuPont's CEO.
The Standard & Poor's 500 Index rallied the most in a year yesterday after both houses of Congress this week approved a last-minute compromise to avert the so-called fiscal cliff of tax increases and government spending cuts. Even so, the deal was "a missed opportunity" to boost the economy and show U.S. leadership, Cote said.
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