AP News

News Summary: CEOs urge tax hikes, spending cuts

DEFICIT DESTRUCTION: CEOs from more than 80 major U.S. companies are pressing Congress to reduce the federal deficit by raising taxes and cutting spending.

HURTING HIRING: The CEOs warned that the uncertainty spawned by the deficit, which has topped $1 trillion for four consecutive years, is discouraging hiring and investment, and stifling the fragile economic recovery.

HERE'S HOW: They said the solution requires a combination of higher taxes and reduced government spending, including on entitlement programs such as Medicare and Medicaid. They also want to see federal investment in infrastructure and math and science education.

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