Executives make White House stop
Negotiations over tax rates at center of discussions
Hedge fund and Wall Street executives will head to the White House Wednesday to meet with Valerie Jarrett and the White House economic team as the administration continues to lobby on behalf of their economic positions and tax plan, according to an administration official.
Negotiations over tax rates have been at the center of the ongoing fiscal cliff discussions, with the White House insisting rates for the top 2% of income earners go up at the end of the year and congressional Republicans holding firm in their opposition.
Stefan M. Selig of Bank of America/Merrill Lynch, Jonathan D. Gray of Blackstone Group Management, and Jes Staley of JPMorgan Chase are among those set to participate in the meeting, a source familiar with the gathering said.
Wednesday's meeting with executives, along with President Barack Obama's conference call and sit down with mayors, are the latest examples of the White House's effort to persuade the business community to join their cause on the fiscal cliff since the November election.
According to the official, discussions and lobbying from the White House resulted in a change in the tax position from the Business Roundtable, which represents many of the nation's top CEOs.
In a letter to the president Tuesday, representatives from the Roundtable, whom the president recently addressed, opened the door to an increase in the top tax rates, adding that "no options should be precluded from a potential solution" to resolve the fiscal cliff and achieve long term solution to the country's deficit and debt.
"Compromise will require Congress to agree on more revenue - whether by increasing rates, eliminating deductions, or some combination thereof - and the administration to agree to larger, meaningful structural and benefit entitlement reforms and spending reductions that are a fiscally responsible multiple of increased revenues," the letter read.
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