The U.S. Chamber of Commerce is organising its members to call members of Congress at tell them “default is not an option.”
Warning that the government’s failure to make good on its obligations means “there will be real impacts, for every American. Interest rates will rise for everyone,” wrote Bruce Josten, the Chamber’s executive vice president for government affairs.
He added that Congress and President Barack Obama must also agree to a plan to lower the federal budget deficit.
“The White House and Congress face a looming August 2 deadline to resolve their differences and raise the $14.3 trillion debt ceiling. The need to raise the debt ceiling provides leverage for meaningful, long-term, bipartisan action to rein in long-term deficit spending and entitlement reform. Financial markets would be reassured and we’d avoid a potential spike in interest rates, which will only stall our struggling economy.”
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