NAM members are concerned about proposals, like that contained in the Deficit Commission's report, to eliminate tax credits. "Manufacturers are willing to get into a debate about eliminating some deductions and credits," Coleman says. "But, eliminating all tax expenditures is a big problem for us." On the other hand, the report advocates a territorial system of taxing corporate profits, in which the U.S. taxes only income earned within its borders. "That would go a long way to making U.S. companies more competitive," she adds.

A company's ability to access affordable capital also is critical, as CFOs and treasurers have learned over the past few years. That's led to growing concerns about the government's borrowing habits and the mounting Federal deficit.

"The U.S. Treasury is competing for funds from investors around the world. At some point, if its borrowing needs continue to grow, it will be able to compete for funding only with higher interest rates," says Tom Deas, vice president and treasurer of diversified chemical company FMC Corp., who also is president of the National Association of Treasurers. Since the cost of borrowing for most firms is tied to the rate paid by the U.S. Treasury, any jump there raises the costs for businesses, as well, Deas notes. "If funding isn't available or interest is too high, they'll defer projects."

As a result, Deas says many corporate treasurers will be watching the market's reaction to elected officials' ability -- or inability -- to reach agreement on a 2012 budget, as well as their willingness to change the debt limit when the U.S. hits its current borrowing capacity in mid-May, according to . What's key, Deas says, is that politicians commit to both lowering the deficit and raising the debt limit.