- - Sunday, August 21, 2011

ECONOMISTS

Poll shows preference for spending cuts over taxes

NEW YORK — The majority of economists surveyed by the National Association for Business Economics think that the federal deficit should be reduced only or primarily through spending cuts.

The survey, out Monday, found that 56 percent of the NABE members surveyed felt that way, while 37 percent said they favor equal parts spending cuts and tax increases. The remaining 7 percent think it should be done only or mostly through tax increases.

As for how to reduce the deficit, nearly 40 percent said the best way would be to contain Medicare and Medicaid costs. Nearly a quarter recommended simplifying the tax system. About 15 percent said the government should enact tough spending caps and cut discretionary spending.

The survey was conducted in the two weeks ending Aug. 2, the day that the Senate passed and President Obama signed legislation to raise the nation’s debt ceiling.

AUTO RENTALS

Dollar Thrifty asks rivals for final acquisition offers

TULSA, Okla.Dollar Thrifty Automotive Group said Sunday that it sent a letter to fellow rental car companies Hertz Global Holdings and Avis Budget Group asking them for their best and final offers to acquire the company in hopes of ending a drawn-out bidding war.

Scott L. Thompson, Dollar Thrifty’s president and chief executive, said that while Hertz and Avis have made progress with regulatory reviews, his company’s board has decided that it’s time to determine under what terms a deal can be made.

“Continuing uncertainty is in no one’s best interest, and both Hertz and Avis have the information they need to put forward their best and final offers,” Mr. Thompson said in a statement released by the company.

Earlier this month, Hertz extended until Sept. 9 its buyout bid for Tulsa-based Dollar Thrifty, which has advised its shareholders against accepting the offer. It includes $57.60 in cash and 0.8546 shares of Hertz stock for each Dollar Thrifty share. Avis, whose overture included $45.79 per share in cash and 0.6543 shares of Avis, has been stuck waiting for antitrust approval.

NEW YORK

Warner Music chairman, CEO to switch jobs

NEW YORK — Warner Music Group Corp.’s chief executive and its chairman will switch jobs.

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