CEOs to Obama: ‘Avoid the fiscal cliff!’

Fifteen CEOs have signed one very angry letter addressed to President Obama.

And with good reason, too. Projections for what will happen if Washington doesn’t head off year-end tax hikes and spending cuts don’t look good.

That’s why 15 chief executives of the largest financial firms in the country, including JPMorgan Chase CEO Jamie Dimon, warned Obama in a letter that the fiscal cliff will throw the country back into a recession and downgrade America’s credit rating.

The letter also warns of increased interest rates if automatic tax hikes and spending cuts aren’t replaced with a long-term plan to tame the federal debt.

“Fix the Debt” campaign

In an interview with the Washington Post, Dimon said he would use all the power he had as head of the largest bank in the country to press lawmakers into action.

Dimon is also a major backer of the Washington-based campaign “Fix the Debt,” which is planning to spend $30 million for lobbying efforts.

“Just take the fiscal cliff off the table,” Dimon said to the Post. “Some of the potential outcomes are very bad, and we shouldn’t take that chance.”

Aside from Dimon, other CEOs on the letter include Bank of America chief executive Brian Moynihan, Citigroup chief executive Michael Corbat and Goldman Sachs chief executive Lloyd Blankfein.

Does the fiscal cliff have you worried? Do you think additional pressuring from the top financial firms in the country will spur change in Washington? Let us know in the comments below.