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Major business groups are praising President Joe Biden and House Speaker Kevin McCarthy for forging a bipartisan deal to raise the debt ceiling, and they are urging Congress to pass legislation before the government faces a catastrophic default. are demanding
“With the US at risk of default in less than 10 days, there is no time left. We urge members of Congress to give their strong support to this legislation,” Josh Bolton, CEO of the Business Roundtable and former chief of staff to President George W. Bush, said in a statement Sunday.
Bolton hailed the agreement as not only extending the debt ceiling until Jan. 1, 2025, but also a “down payment” to allow for reform and steps toward putting the U.S. on a “more sustainable fiscal trajectory.”
Suzanne Clark, president and CEO of the U.S. Chamber of Commerce, said in a separate statement that by reaching an agreement, Biden and congressional leaders “have shown that they can come together on a bipartisan basis and in the best interests of our country.” can work.”
“Members of Congress should finish the job and send the bill to the President’s desk for signing into law without delay. The gravity of this moment cannot be overstated,” said Clarke, who said the chamber would consider this a “key vote” for MPs.
The National Association of Manufacturers, the nation’s largest manufacturing trade group, congratulated Biden, McCarthy and their lawmakers on reaching the agreement.
“Defaulting on our debt would create economic chaos, hurt construction workers and their families and threaten our leadership in the world,” said NAM CEO Jay Timmons, who previously served as a senior aide to Republican officials. used to work, said in a statement. “Congress must act quickly to pass this agreement and demonstrate to Americans and the world the continued strength of our institutions and our democracy.”
CEOs of big banks are also pressuring lawmakers to green-light the debt ceiling deal.
The Financial Services Forum, a trade group whose members include Citigroup CEO Jane Fraser, JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon, released a statement Tuesday praising the efforts of Biden and McCarthy and Urged Congress to adopt 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 Frommer said in the statement.
Biden and McCarthy reached an agreement on Saturday, but the deal is not yet done. Party leaders in Washington are working feverishly on Monday to convince holdouts to support compromise legislation that averts a default. Still, the bill’s chances of passing are increasing as many centrist Democrats said they would support the bill, and Republicans said they believed they would be able to get the support of a majority of their House conference. .
The House is expected to vote on Wednesday.
— CNN’s Kevin Liptak contributed to this report.
