U.S. CEOs reducing the deficit

The group endorses the proposals of a special bipartisan commission that called for about $3 in spending cuts for every $1 in tax increases to save around $4 trillion.

Republican politicians and lawmakers have vigorously opposed tax increases. GOP presidential nominee Mitt Romney would lower deficits mostly through deep spending cuts and eliminating unspecified tax deductions. He also wants to lower the top tax rates on corporations and individuals.

President Barack Obama has proposed reducing the deficit by slowing spending gradually, to avoid suddenly tipping the economy back into recession. He would raise taxes on households earning more than $250,000 and impose a surcharge of 30 percent on those making more than $1 million.

The deficit, the shortfall created when the government spends more in a year than it collects, currently has the government borrowing about 31 cents for every dollar it spends.

A year-end deadline looms for Congress and the White House to work out a deal on thedeficit. Otherwise across-the-board spending cuts and tax increases will automatically kick in, slicing about $100 billion from federal budgets and raising taxes by $400 billion as the nation goes over the so-called "fiscal cliff" in early January.