Universal Health's Miller on debt-ceiling debacle
The CEO of the King of Prussia for-profit hospital operator says he believes Congress and the President will fashion a deal to avoid default.
We're deep into earnings season and corporations have been reporting generally healthy top and bottom lines for the quarter ended June 30.
But even financial analysts, who are primarily concerned with things such as market share and capital expenditures, have been looking up from their spreadsheets to ask CEOs about the debt-ceiling tragicomedy playing out in Washington.
On Universal Health Services Inc.'s conference call Thursday, CEO Alan B. Miller was asked how he thought the stand-off over raising the nation's $14 trillion debt limit would end.
"I view that pretty much the way I view the NFL problem. I think that ultimately it will get resolved," Miller said.
"The Business Roundtable a couple of weeks ago ... 400 companies ... we sent a letter in to the [Obama] administration telling them that they had to resolve the situation before we fell off a cliff somewhere, and I think that's going to happen," said Miller, founder of the for-profit hospital operator.
Miller said he doesn't know how Congress and President will hammer out a deal, just that they will: "I can't imagine that ultimately something doesn't get done in the short run to avoid what could be a huge problem."