AT&T's CEO is confident about avoiding the much-ballyhooed "fiscal cliff" after meeting with President Obama and other business owners.
AT&T boss Randall Stephenson was encouraged that a deal will be made in time to keep tax rates from spiking, and to avoid major cutbacks in government spending, according to an article by Dallasnews.com.
“These are dramatic issues," Stephenson said in the article. “There’s also a good indication of a willingness to address both sides of the equation, both tax reform and obviously a need to increase rates, but also a need and recognition that entitlements are going to have to be reformed as well."
The president held a series of meetings with labor leaders and business owners to focus attention on the approaching Dec. 31 deadline to come up with a deal, according to the article. If an agreement is not reached, a recession could potentially result.
But Stephenson said he is hopeful, and people seem to understand the weight of this situation.
The president seemed "fully receptive" of his viewpoint, the article said.
“My message was this is really important," Stephenson said. "This is significant, it needs to be addressed, and that if this does get addressed tangibly, that we believe this economy is in position to take off, and grow significantly."