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GE chief says action on fiscal cliff can't wait

WASHINGTON (AP) — Business leaders are joining the debate over the "fiscal cliff," emphasizing the need to hammer out an agreement before the end of the year.

The chief executive of GE, Jeffrey Immelt (IM'-melt), told CBS that spending cuts alone won't solve the problem, and that "everyone knows we need revenue" as part of the deficit-cutting plan.

Immelt, who heads the presidential advisory council on competitiveness, says there are millions of workers whose lives are "in flux" because of the uncertainty over whether taxes will go up in January. He says, "This is incredibly critical we get this done now."

%@AP Links

166-a-08-(Jeffrey Immelt, CEO, General Electric, in interview recorded Dec. 7, 2012)-"us in that"-GE CEO Jeffrey Immelt says House Speaker John Boehner must persuade Republicans to agree to ending tax cuts for the rich. COURTESY: CBS' "This Morning" ((mandatory on-air credit)) (10 Dec 2012)

<<CUT *166 (12/10/12)>> 00:08 "us in that"

165-a-02-(Jeffrey Immelt, CEO, General Electric, in interview recorded Dec. 7, 2012)-"we need revenue (second reference)"-GE CEO Jeffrey Immelt says any plan to avoid the fiscal cliff must increase revenue. COURTESY: CBS' "This Morning" ((mandatory on-air credit)) (10 Dec 2012)

<<CUT *165 (12/10/12)>> 00:02 "we need revenue (second reference)"

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