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Tuesday, December 14, 2010

Pres. Obama encourage corporate CEO's to hire in upcoming White House meeting

President Barack Obama meeting with healthcare...Image via Wikipedia
President Obama will meet with
executives from top corporations
to encourage hiring at the White
House on 12/15
In an effort to promote hiring, President Obama will meet with CEOs from major companies at the White House on Wednesday, December 15th, to encourage them to hire more workers.

The Federal Reserve estimates that U.S. companies are sitting on nearly $2 trillion in cashthe LA Times Reports. Using a portion of the held funding on hiring could make a dent in the unemployment rate, which stands at 9.8 percent or near double digit levels.

Top C.E.O.’s and other executives from companies including Google Inc. and Cisco Systems Inc. are scheduled at the meeting with Obama on Wednesday, aides to the president said to the LA Times.

"I think there are a series of issues that are important to the business community that are important to getting our economy moving again, and I think those are issues that the president's eager to work on," White House Press Secretary Robert Gibbs said Monday at his daily press briefing.

Regardless, it is doubtful that real action will quickly come on President Obama’s request, as these types of meeting are view as largely symbolic. The meeting is seen an attempt by the Obama Administration to improve its relationship with the business community, which has been stained according to a recent CNN Money report.

With President Obama’s recent bipartisan deal on H.R. 4853-'The Middle Class Tax Relief Act', to extend Bush-era tax cuts to wealthy tax payers, including the larger business community, the meeting possibly presents a first step to improve the relationship.

"I bet the CEOs tell him that was a great first step," said Thomas Donohue President of the U.S. Chamber of Commerce to the LA Times. “And maybe they do loosen the purse strings a little more," he cited.

The meeting could also help "improve economic signals and (promote) some more business-friendly policies emanating from Washington. That might be enough to convince executives to start spending" said Chris Rupkey, Chief Financial Economist for Bank of Tokyo-Mitsubishi.

In addition to unemployment, those at the meeting will discuss trade, clean energy, the deficit and tax code reform.

What are your thoughts on this article? Do you believe that President Obama's meeting with top CEO's will encourage companies to start hiring employees? Feel free to comment on this story, below!
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