The chief executive of Hartford Financial Services Group Inc. (HIG) said the U.S. business climate is being hampered by gridlock in Washington, and called "the lack of certainty and the lack of confidence" the real issue for business during an interview on CNBC.
Speaking on CNBC Wednesday afternoon, Liam McGee said he felt "a lot of economic growth can be unharnessed" if U.S. lawmakers reach a deal on the impending "fiscal cliff"--a combination of spending cuts and the expiration of certain tax breaks--slated to occur at the end of the year.
He said he didn't think a deal will be reached before the November elections.
Hartford on Wednesday reported a second-quarter loss on a debt-extinguishment-related loss of $587 million. Core earnings rose to $119 million from $14 million in the year-earlier quarter.