Business Leaders Join Movement To Withhold Campaign Donations

As first reported by The Wall Street Journal, a handful of prominent business executives have signed a pledge crafted by Starbucks CEO Howard Schultz to halt political donations until Congress agrees to a long-term debt reduction deal.

The names of those who have embraced Schultz’s idea include J. Crew Group Chairman and CEO Millard Drexler, AOL Chairman and CEO Tim Armstrong and JC Penney Co. Chairman and CEO Myron Ullman.

Schultz announced the pledge back on August 15 in a letter in which he called on “elected leaders to face the nation’s long-term fiscal challenges with civility, honesty, and a willingness to sacrifice their own re-election. This means not kicking the can anymore. It means reaching a deal on debt, revenue, and spending long before the deadline arrives this fall. It means considering all options, from entitlement programs to taxes.”

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