Following a meeting this week with the President, as well as conversations with Congressional leaders, I am more convinced than ever that a budget deal to avoid the ‘fiscal cliff’ must and can be found.
This will require a compromise involving an increase in both tax rates and revenue in return for real and significant steps to reform entitlements and rein in federal spending.
Now is the time for our nation’s leaders to put aside partisan or philosophical differences and act for the good of the country as a whole. Failure to address this will result in severe market disruptions, a return to negative economic growth, and businesses pulling in investment.
This can and must be avoided. It is no exaggeration to say that the future economic well-being of all Americans is riding on the outcome.
Randall Stephenson is the chairman and chief executive officer of AT&T Inc.