President Obama’s declaration yesterday that he is “optimistic” a deal can be brokered during the weekend — averting the fiscal cliff fiasco before the New Year’s Day deadline — has Bay State business leaders encouraged that a bipartisan pact could help give the economy a shot in the arm.
“It would be a tremendous psychological boost for investors,” said Peter C. Andersen, senior portfolio manager at Congress Asset Management Company in Boston, noting that if a compromise is not reached he fears “extreme volatility” in the stock market in the New Year.
“I’m hopeful that something will get done,” Paul Guzzi, president and CEO of the Greater Boston Chamber of Commerce. “But it’s very discouraging that it comes down to the very end. … Nobody is a winner unless it gets done.”
Obama yesterday delivered an update on the down-to-the-wire fiscal cliff negotiations, saying he had “a good and constructive discussion” with House and Senate leaders.
“I’m optimistic we may still be able to reach an agreement that can pass both houses in time. Sen. (Harry) Reid and Sen. (Mitch) McConnell are working on such an agreement as we speak,” the president said.
But should Democratic and GOP leaders fail to deliver a deal in the next few days, Obama offered a do-or-die measure, calling on Reid, the Senate majority leader, to order a vote on a basic package that averts a middle class tax hike and cuts in unemployment benefits and lays the groundwork for deficit reduction and economic growth.
“The American people are not going to have any patience for a politically self-inflicted wound to our economy,” Obama said.
Christopher Geehern, executive vice president at Associated Industries of Massachusetts, said “it would be a good first step” if the president could get a compromise bill approved.
“If it gets waylaid, that’s a significant problem,” he said. “Certainly for Massachusetts, it’s particularly dangerous, given that our economic engines — defense, research, biotechnology — are heavily dependent on government support.”
“It would be a tremendous psychological boost for investors,” said Peter C. Andersen, senior portfolio manager at Congress Asset Management Company in Boston, noting that if a compromise is not reached he fears “extreme volatility” in the stock market in the New Year.
“I’m hopeful that something will get done,” Paul Guzzi, president and CEO of the Greater Boston Chamber of Commerce. “But it’s very discouraging that it comes down to the very end. … Nobody is a winner unless it gets done.”
Obama yesterday delivered an update on the down-to-the-wire fiscal cliff negotiations, saying he had “a good and constructive discussion” with House and Senate leaders.
“I’m optimistic we may still be able to reach an agreement that can pass both houses in time. Sen. (Harry) Reid and Sen. (Mitch) McConnell are working on such an agreement as we speak,” the president said.
But should Democratic and GOP leaders fail to deliver a deal in the next few days, Obama offered a do-or-die measure, calling on Reid, the Senate majority leader, to order a vote on a basic package that averts a middle class tax hike and cuts in unemployment benefits and lays the groundwork for deficit reduction and economic growth.
“The American people are not going to have any patience for a politically self-inflicted wound to our economy,” Obama said.
Christopher Geehern, executive vice president at Associated Industries of Massachusetts, said “it would be a good first step” if the president could get a compromise bill approved.
“If it gets waylaid, that’s a significant problem,” he said. “Certainly for Massachusetts, it’s particularly dangerous, given that our economic engines — defense, research, biotechnology — are heavily dependent on government support.”