In a stinging rebuke of Mr Obama, who remained on the sidelines as the deal collapsed, and a rare intervention into Washington politics, Mr Bloomberg, the mayor of New York, said: "It's the chief executive's job to bring people together and to provide leadership. I don't see that happening."
He accused members of Congress of "political cowardice" for helping bring about a "disaster for the country" but the former Democrat and Republican who is now an Independent reserved his strongest words for Mr Obama.
"The executive branch must do more than submit a plan to a committee – and then step aside and hope the committee members take action. That's not how any CEO would run a business.