Honeywell Chairman and CEO Dave Cote led a group of chief executive officers from 12 of the largest companies in the U.S. in a meeting with President Obama to discuss how the U.S. can avoid the impending fiscal cliff. If the U.S. government cannot compromise on a budget that will address current U.S. debt, an automatic set of tax increases and budget cuts will go into effect at the end of the year that would push the economy into a recession, negatively impacting American citizens and business.
"I'm hoping that everybody can rise above the politics that we see here all the time, and I was encouraged by what I heard from the president in the meeting," Cote said in an interview with Maria Bartiromo on CNBC's Closing Bell. "He gets it. He understands that this requires a combination of tax increases and entitlement reform and discretionary spending cuts. The republicans and democrats have to work together. All that being said, I'm sure there's going to be a lot of forth and back here between republicans and democrats, the Congress and the president as they start to work themselves to a deal. But, I'd say there's strong recognition of the significance of getting a deal for the benefit of the American public and for the leadership it provides to the world."
Other attendees in the meeting included the CEOs of GE, Aetna, Xerox, Wal-Mart, Ford, PepsiCo, IBM, Chevron, American Express, Procter & Gamble and Dow Chemical.