U.S. President Barack Obama reached out to business leaders last week to discuss the so-called “fiscal cliff” the country faces at the end of the year. Among those who received a call, Apple CEO Tim Cook.
Cook was one of a handful of CEOs who received a phone call from Obama about the government’s budget woes set to go into effect at the end of 2012. A White House official told CNN that the conversations were part of the president’s “outreach on the need to find a balanced deficit-reduction solution that protects the middle class and continues to move our economy forward.”
Also contacted by Mr. Obama were Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan Chase and Craig Jelinek of Costco.
The President also met with a dozen other CEOs from major companies for “cliff” discussions. These included General Electric CEO Jefery Immelt, and American Express CEO Kenneth Chenault.
Washington officials are facing a number of law changes when the clock strikes twelve on December 31, 2012. The situation has become known as the “fiscal cliff”. As the calendar marks the start of 2013, temporary payroll cuts, certain tax breaks for businesses and others will end, and new taxes related to Mr. Obama’s healthcare law will begin.
Cook has been a choice of leaders from Washington in the past, as they have looked to discuss financial issues with leaders in the private sector. Earlier this year, he met with Speaker of the House, John Boehner.