CEOs step up pressure on Obama, Congress for deal

(AP) The nation's top corporate executives are stepping up pressure on Congress and on President Barack Obama to negotiate a deal to avoid a fiscal cliff, warning that failure will result in significant negative economic, employment, and social consequences.

The CEOs, all members of the Business Roundtable, delivered letters to the White House and to congressional leaders urging a compromise that includes revenue, even if it means raising tax rates, and structural and benefit changes to social programs. Their letter says spending reductions must be a multiple of increased revenues.

The 158 CEOs include Boeing Co.'s James McNerney, David Cote of Honeywell International Inc. and Jeffrey Immelt of General Electric Co.

Separately, top home building executives also wrote to Obama and House Speaker John Boehner calling for an agreement.