President Obama's jobs council shutting down Thursday

But the White House was at odds with several council members on tax policies, particularly a proposal to exclude overseas corporate earnings from U.S. taxes. That idea divided even the jobs council, whose membership included labor and Obama's political allies.

The council's dissolution also comes as White House aides are optimistic about the prospects for a second-term detente with the business community, which bristled during Obama's first term at his harsh depiction of "fat-cat bankers" and his efforts to impose regulations, tax policies and spending initiatives they argued were unfriendly to business. Obama aides hope the softening of the relationship between the president and the business world can benefit the White House in future fiscal debates with Republicans.

White House officials said the president made a fresh effort to reach out to business in the days following his re-election. Between the November election and the end of 2012, in the height of negotiations to avert the so-called fiscal cliff, more than 400 business leaders, ranging from CEOs of large multinational companies to small business owners, met with Obama or his aides at the White House, officials said.

Associated Press writer Jim Kuhnhenn and AP White House Correspondent Julie Pace contributed to this report.