Last week, it was reported that US President Barrack Obama reached out to a number of business leaders to talk about the so-called “fiscal cliff.” The White House also confirmed that Apple CEO Tim Cook was one of the CEOs who received a phone call from the POTUS.
In relation to this, there were claims that the conversation has something to do with the government’s budget woes that are set to take effect at the end of the year. A White House official also revealed that the dialogue was 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.”
Obama’s “Fiscal Cliff” Short List
Aside from Cook, Pres. Obama also talked with Warren Buffett of Berkshire Hathaway, Jamie Dimon of JPMorgan Chase, Jim McNerney of Boeing, and Craig Jelinek of Cotsco. He also met with a dozen other CEOs from major American companies to talk about the fiscal cliff last week. This includes Jeffery Immelt of General Electronic and Kenneth Chenault of American Express.
There were reports that there is a growing tension in Washington, as officials are facing a number of law changes on Dec. 31, 2012. Known as the fiscal cliff, the end of the year will also see tax cuts.
On the other hand, the fiscal cliff will mark the beginning of new taxes related to Pres. Obama’s healthcare law. Furthermore, CNN reported that the president flew to Asia last weekend for meetings, as well as to attend a summit of regional leaders.
Cook and the US House of Representative Speaker
Cook has been a favorite choice for Washington leaders when discussing about financial issues with the private sector. Prior to this, the Apple CEO met with US House of Representatives speaker John Boehner earlier this year.
In a photo posted on Boehner’s official blog, Cook was wearing a formal suit and was seated beside the speaker while in the middle of conversation. Although it is unknown what the two were talking about, the discussion was conducted last May at the US Capitol in Washington, DC.
Prior to that, the speaker said that the GOP-lead House would show their groundwork for possible tax reform ahead of an expected debt ceiling hike for Pres. Obama and the congressional Democrats.
During those times, Apple’s tax practices were also criticized, after The New York Times exposed that the company uses loopholes to save billions of dollars every year.