Obama to host CEO sum­mit Wed­nes­day in out­reach to busi­ness

The Pak Banker - - International3 -

WASHINGTON: Pres­i­dent Barack Obama will host a sum­mit of cor­po­rate chief ex­ec­u­tives on Wed­nes­day as his ad­min­is­tra­tion steps up ef­forts to mend re­la­tions with big busi­ness and win their sup­port for his eco­nomic poli­cies.

The meet­ing with 20 busi­ness lead­ers could also help build mo­men­tum for a com­pro­mise tax pack­age he has worked out with resur­gent Repub­li­cans but which is fac­ing re­sis­tance from within the ranks of his own Democrats.

Among the com­pa­nies ex­pected to be rep­re­sented are Google (GOOG.O), Cisco Sys­tems Inc (CSCO.O), In­ter­na­tional Busi­ness Ma­chines Corp (IBM.N), Amer­i­can Ex­press Co (AXP.N), Dow Chem­i­cal Co (DOW.N) and Pep­sico Inc (PEP.N).

Since his Democrats' crush­ing de­feat in last month's con­gres­sional elec­tions, Obama has sought to make amends with busi­ness af­ter his ties with cor­po­rate Amer­ica be­came strained over busi­nesses' con­cerns about his health­care over­haul, reg­u­la­tory re­forms and high U.S. deficits. The White House be­lieves ex­tend­ing an olive branch to busi­ness will help the econ­omy by boost­ing con­fi­dence and en­cour­ag­ing firms to in­vest some $2 tril­lion in cash they have kept on the side­lines.

"The biggest chal­lenge we face mov­ing for­ward is not com­pe­ti­tion be­tween Democrats and Repub­li­cans, but in mak­ing sure we are pre­par­ing the next gen­er­a­tion to com­pete glob­ally," White House spokes­woman Jen Psaki said. "The work­ing ses­sion is an op­por­tu­nity for the pres­i­dent to con­tinue build­ing strong part­ner­ships in the busi­ness com­mu­nity to­ward that goal," she said. The con­fer­ence will take place at Blair House, ad­ja­cent to the White House.

The busi­ness com­mu­nity has taken a mostly fa­vor­able view of the tax deal Obama reached with Repub­li­cans ear­lier this week for ex­tend­ing all Bush-era tax cuts. -Reuters

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