The Hill News

President Obama is lunching with business leaders Tuesday to talk about the nation's stalled economic recovery, the White House announced.

"As the president has done throughout his administration, he will have lunch today with four business leaders to discuss ideas to grow the economy and create jobs," a White House official said according to a press pool report.

"They will specifically discuss the importance of working with the private sector to promote job training efforts, including ways that companies have been partnering with higher educational institutions to develop curriculum and programs that ensure graduates will have the appropriate background and skills to succeed and get hired within the companies," the official continued.

Clarence Otis, executive officer of Darden Restaurants, Scott Davis, the chairman and CEO of UPS, Sam Palmisano, CEO of IBM, and Matt Rose, CEO of Burlington Northern Santa Fe Railway Company, are expecte! d to attend.

In the past, President Obama has come under fire from critics for not reaching out to the business management community enough. Obama's decision to hire former JPMorgan Chase executive Bill Daley as his chief of staff was seen as an effort to incorporate advisers with more management experience into his administration.

Democratic leaders have been pressing Wall Street and the business community to urge Republicans to soften their demands and strike an agreement on raising the debt limit.

The efforts began in earnest shortly before the July 4 weekend, according to Senate Democratic Whip Dick Durbin (Ill.), by which time congressional negotiators had hoped to have the framework of a deal in place.

The nation’s biggest business associations! warned Obama and members of Congress Tuesday that failure to avert a debt default would jack up operational costs as well as mortgages, auto loans, credit card rates and student loans.

“A default would risk both disarray in those markets and a host of unintended consequences,” the groups wrote.

“The debt ceiling trigger does offer a needed catalyst for serious negotiations on budget discipline but avoiding even a technical default is essential. This is a risk our country must not take.”

The U.S. Chamber of Commerce, the National Association for Manufacturers, Business Roundtable and Financial Services Forum signed the letter.