UPDATE: Obama 'Absolutely' Convinced Tax Package Will Lift Economy

President Barack Obama on Wednesday said he is "absolutely convinced" a tax package nearing completion in Congress will lift the economy and urged swift passage.

Obama, speaking just before meeting with 20 chief executives, said he recognizes the tax deal isn't perfect, but would lift the middle class and help businesses hire.

"I know there are different aspects of this plan to which members of Congress on both sides of the isle object," Obama said, adding "that's the nature of compromise." He said the country "can't afford to let it fall victim to either delay or defeat."

The tax deal, which has survived a procedural hurdle in the Senate with bipartisan support, includes provisions both parties have complained about. Some Democrats have raised concerns about a provision lowering the estate tax, while some Republicans have balked at the package's price tag.

A final vote on the package in the Senate may happen Wednesday. The package still needs approval in the House, where some Democrats have vowed to oppose it.

Obama's remarks came just before he was set to meet with 20 executives, including Kenneth Chenault of American Express Co. (AXP), Eric Schmidt of Google Inc. (GOOG), Jeffrey Immelt of General Electric Co. (GE)and John Lechleiter of Eli Lilly & Co. (LLY).

Obama said he is meeting with the executives to elicit ideas from them about how to quicken the country's shaky recovery. "The primary engine of America's economic success is not government, it's the ingenuity of America's entrepreneurs; it's the dynamism of our markets," he said.

Among the topics they will discuss, the president said, are tax reform, regulation and ways to encourage investment in the U.S. Obama said he is committed to fiscal discipline and reshaping the economy.

FULL LIST OF EXECUTIVES:

 
Greg Brown, Co-CEO, Motorola Inc. (MOT) 
John Chambers, Chairman and CEO, Cisco Systems Inc. (CSCO) 
Kenneth Chenault, CEO, American Express (AXP) 
Dave Cote, Chairman and CEO, Honeywell International Inc. (HON) 
Scott Davis, Chairman and CEO, United Parcel Service Inc. (UPS) 
John Doerr, Partner, Kleiner Perkins Caufield & Byers 
Mark Gallogly, Managing Partner and Co-Founder, Centerbridge Partners 
Lew Hay, Chairman and CEO, NextEra Energy 
Jeffrey Immelt, Chairman and CEO, General Electric Co. (GE) 
Ellen Kullman, CEO, DuPont (DD) 
John Lechleiter, President and CEO, Eli Lilly & Co. (LLY) 
Andrew Liveris, President, CEO and Chairman, Dow Chemical Co. (DOW) 
James McNerney, Chairman, President & CEO, Boeing Co. (BA) 
Indra Nooyi, Chairman and CEO, PepsiCo Inc. (PEP) 
Paul Otellini, CEO, Intel Corp. (INTC) 
Penny Pritzker, Chairman and CEO, Pritzker Realty Group 
Brian Roberts, Chairman and CEO, Comcast Corp. (CMCSA) 
Jim Rogers, Chairman, President and CEO, Duke Energy Corp. (DUK) 
Eric Schmidt, Chairman and CEO, Google Inc. (GOOG) 
Robert Wolf, Chairman and CEO, UBS Group Americas 
 

-By Jared A. Favole, Dow Jones Newswires; 202.862.9256; [e-mail]