In a letter addressed to leadership on both sides of the aisle — but which is clearly meant for the GOP — a huge list of corporate associations is demanding that the debt ceiling be raised in an uneventful manner.
The letter (.pdf via POLITICO) includes groups like the Kentucky Association of Manufacturers, The Business Roundtable, The Financial Services Forum, and the Oshkosh Chamber of Commerce. What’s key is that it’s NOT just Wall Street banks making hay on this issue, but all kinds of small corporate organisations that still have some standing with the public and with hard-right politicians.
The money line:
Raising the statutory debt limit is critical to ensuring global investors’ confidence in the creditworthiness of the United States. With economic growth slowly picking up we cannot afford to jeopardize that growth with the massive spike in borrowing costs that would result if we defaulted on our obligations. It is critically important that the United States stands fully behind its legal obligations.
This is great news for the administration, as Ben White at Morning Money notes, since it makes it clear that anyone standing athwart a debt ceiling hike can’t claim to be standing up for economic strength, at least in the near term.
For more debt ceiling gossip, see our post from yesterday.