WASHINGTON (MNI) – The following is the text of a letter by the U.S. CEOs
to Congressional leaders urging compromise on a deal to avert the looming
“fiscal cliff”:

As CEOs of companies representing more than $7.3 trillion in annual
revenues and more than 16 million employees, we write to express our belief that
the United States will suffer significant negative economic, employment, and
social consequences for going over the fiscal cliff. In many cases the damage
will be long-lasting, if not permanent. But it does not have to happen.

We urge you to step forward and demonstrate that principled compromise is
once again possible and that the American political system that underpinned the
economic success of our nation and others can function as designed. For far too
long, political paralysis has fueled global uncertainty that discourages
businesses from investing and hiring new workers. This paralysis must come to an
end, and in a way that resists the temptation to declare winners and losers.

We pledge our active support for a compromise that includes comprehensive
and meaningful tax and entitlement reforms that result in market-credible
spending reductions and revenue growth. The deal should be a balanced solution
to the fiscal cliff and long-term deficit and debt issues. To address these
challenges with the scale of response required, no options should be precluded
from a potential solution.

Compromise will require Congress to agree on more revenue – whether by
increasing rates, eliminating deductions, or some combination thereof – and the
administration to agree to larger, meaningful structural and benefit entitlement
reforms and spending reductions that are a fiscally responsible multiple of
increased revenues. By initiating these reforms simultaneously, and without
undermining the broader reforms both parties believe should be pursued, you can
rebuild the trust needed for our political system to function and the confidence
needed for businesses to invest in new factories, equipment, and employees.

For most of our careers, the American system of governance earned global
respect and emulation. Politicians put aside partisan rancor and ideological
purity to deal with major challenges. This was a significant asset for the
country, a source of confidence with respect to investment, trade, and commerce.

This hard won asset has been tarnished over time, albeit unintentionally.

You now have an opportunity to turn political swords into governing
plowshares. This opportunity must not be squandered. The U.S. economy has been
stalled on the road to greater prosperity. We believe it is primed for strong
and sustained expansion. American businesses know how to create jobs and compete
in a diverse global market. We are poised and ready to do so if the conditions
for growth are set in a comprehensive agreement on the fiscal cliff.

When all is said and done Americans are interested in solutions. Winston
Churchill once said that “Americans can be counted on to do the right thing
after exhausting all other alternatives.” We just need to do so before it is too
late.

Sincerely, W. James McNerney, Jr. Chairman, President and CEO The Boeing
Company

David M. Cote Chairman and Chief Executive Officer Honeywell International,
Inc.

Andrew N. Liveris Chairman & CEO The Dow Chemical Company

Robert A. McDonald Chairman of the Board, President and CEO The Procter &
Gamble Company

–MNI Washington Bureau; tel: +1 202-371-2121; email: besene@mni-news.com

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