“Going off the fiscal cliff would create a period of financial and economic instability,” the CEOs said in an action item they adopted as their top priority. They urged President Obama and Congress to “take advantage of the chance for a grand bargain” on tax and spending issues “so businesses and consumers can plan for the long term.”

Most of the CEOs in attendance had no hesitancy in endorsing higher taxes on affluent people like themselves, provided those tax increases were accompanied by serious and enforceable cuts in government spending.

Ninety percent indicated they would favor a package that included at least one dollar in tax increases for every four dollars in spending cuts.