CEOs from more than 80 major U.S. companies are pressing Congress to reduce the federal deficit by raising taxes and cutting spending. The deficit and how to tame it has become a key theme in the presidential campaign.

They warned in a statement issued Thursday that the uncertainty spawned by the deficit, which has topped $1 trillion for four consecutive years, is dampening businesses' hiring and investment and stifling the fragile economic recovery.

The CEOs said the solution requires a combination of higher taxes and reduced government spending including on entitlement programs such as Medicare and Medicaid. They also seek federal investment in infrastructure and math and science education.