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While President Barack Obama and lawmakers say they will delay the onset of the changes, McNerney said companies can't be sure. Last year, Congress and the White House agreed only at the last minute to raise the government's borrowing limit and stave off a possible default. "We have yet to regain faith that the process will deal with it," McNerney said. As a result, "we don't know how corporations, or individuals, or capital will be taxed," he said. "That is having an impact on the results you see here." Boeing and many other aerospace companies with government contracts are holding back on hiring and are cutting jobs in anticipation of the spending cuts, he added. The Business Roundtable represents the CEOs of the 200 largest U.S. corporations. The survey is based on 164 responses received between May 17 and June 8.
[Associated
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