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Goldman Sachs CEO: Seems Like ‘Fiscal Cliff’ Deal Could Be ‘Reachable’

Goldman Sachs CEO Lloyd Blankfein described President Barack Obama’s plan for Washington to reach an agreement on the “fiscal cliff” as detailed and “very credible.” However, he cautioned that marginal income tax rates may have to rise to seal a deal.

In an interview with CNBC after meetings between the president and several CEOs, Blankfein said, of course, it’s hard to tell if a deal will be reached but “if I were involved in a negotiation like this, and everybody was purporting to be where they are, I would say that an agreement was reachable.”

Blankfein said he thought concessions on both the revenue and entitlement sides would be necessary to reach a final deal to avert the fiscal cliff, when large spending cuts and tax increases are slated to take effect on Jan.1. (Read more: Everything Must Be Touched: Blankfein)

“Look, at the end of the day, the most important value is to get the economy moving forward,” Blankfein said. “That’s not going to happen if our budget deficit keeps widening.”

via CNBC [1]

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