A failure by lawmakers in Washington to resolve the U.S. budget deadlock may plunge the nation into a recession, Aflac Inc. Chief Executive Officer Dan Amos said.
“You’re dealing with dynamite,” Amos said today after a speech at the Boston College Chief Executives’ Club of Boston. “You can hold it in your hand and it won’t explode on you, but at some point it can. So I’m very worried.”
Officials are seeking to avoid the so-called fiscal cliff, with more than $600 billion in automatic spending cuts and tax increases scheduled to begin in January. Business leaders from billionaire investor Warren Buffett to Goldman Sachs Group Inc. CEO Lloyd C. Blankfein have called on lawmakers to reach a solution.
“I’m afraid they’re going to go to the last moment, but I would certainly like to see it resolved and hope it will be,” Amos said. “I think everyone realizes how important this is to our economy.”
Aflac, based in Columbus, Georgia, is the largest seller of supplemental health insurance.