Leading business organizations applaud President Joe Biden and House Speaker Kevin McCarthy for reaching a bipartisan agreement to raise the debt ceiling and are urging Congress to enact the legislation before the government experiences a disastrous default.
“With the US at risk of defaulting in less than 10 days, there is no time to spare. We urge members of Congress to give the legislation their strong support,” Josh Bolten, the CEO of the Business Roundtable and former chief of staff to President George W. Bush, said in a statement on Sunday.
In addition to raising the debt ceiling through January 1, 2025, Bolten praised the agreement for providing a “down payment” on enabling reform and moving the United States toward a “more sustainable fiscal trajectory.
Biden and congressional leaders have “shown they can come together on a bipartisan basis and act in the best interests of our country.” according to Suzanne Clark, president and CEO of the US Chamber of Commerce, who made the remarks in a separate statement.
“Members of Congress must finish the job and send the bill to the President’s desk to be signed into law without delay. The gravity of this moment cannot be overstated,” said Clark, who also said the Chamber will view this as a “key vote” for lawmakers.
The biggest manufacturing trade association in the country, the National Association of Manufacturers, praised Biden, McCarthy, and their legislators for coming to an agreement.
NAM CEO Jay Timmons, who formerly served as a senior aid to Republican officials, said in a statement that “defaulting on our debt would create economic chaos, harming manufacturing workers and their families and jeopardizing our leadership in the world.”
“Congress should act quickly to pass this agreement and to demonstrate to Americans and to the world the continued strength of our institutions and our democracy.”
Additionally pushing for approval of the debt limit agreement are big bank CEOs.
The Financial Services Forum, a trade organization that includes the CEOs of Citigroup, JPMorgan Chase, and Goldman Sachs, released a statement on Tuesday praising the efforts of Biden and McCarthy and urging Congress to approve the agreement.
“Responsible and timely action will preserve the full faith and credit of the United States and our nation’s important position of global economic leadership,” Financial Services Forum CEO Kevin Fromer said in the statement.
McCarthy and Biden came to an agreement on Saturday, but the deal is not yet final. The likelihood of the bill passing is increasing as more centrist Democrats committed to supporting it and more Republicans expressed confidence in their ability to win over the support of the majority of their House conference.
Wednesday is when the House is anticipated to vote.
Source-CNN
