US politics: Corporates and candidates
In fact, Mr Obama’s backing of infrastructure investment draws support from many in corporate America. Should Mr Romney win, some are likely to object to sharp cuts in spending set aside to upgrade roads and airports proposed by Republicans in Congress.
Reducing the soaring deficit is the “most important” issue facing the next president, says Roger Altman, the chairman of investment bank Evercore who served as deputy Treasury secretary under Bill Clinton. Mr Obama’s plan – a mix of tax rises and spending cuts – “is vastly more realistic than the one Romney has put on the table,” he says. But most sectors favour the Republican platform of lower taxes and less regulation.
Mr Romney’s “trickle-down deregulatory agenda might have some short-term benefits,” says Jared Bernstein, former chief economist to vice-president Joe Biden, “but historically that has been a recipe for bubble and bust as well as significantly weakening the middle class.” For his part, Mr Obama argues that the kind of low-tax, light-regulation policies proposed by Mr Romney are “what caused the [financial] mess in the first place”.