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For Nolan, Walz and McCollum, the debt ceiling increase was needed to continue recovery from the Great Recession. Economists say a U.S. failure to pay debts could push the world economy into chaos because U.S. bonds are considered default-proof.
After watching the public overwhelmingly blame Republicans for an unpopular government shutdown, Mann said Boehner minimized his political damage by putting up a clean debt ceiling bill.
It was what President Obama, the Senate and the business and labor communities wanted.
“Raising the debt limit is necessary to avoid any question of a threat of government default of any kind, to allow credit markets to function properly, and to allow the economy finally to achieve some long-awaited momentum,” the U.S. Chamber of Commerce said in a letter sent Monday to House members.
The Business Roundtable, which represents top chief executives, including from Minnesota-based 3M, Ameriprise Financial, General Mills, Target and Medtronic, also wrote to Congress and the White House.
“In the near term,” Roundtable leaders said, “policymakers should address the debt ceiling so they can focus on implementing policies more fundamental to fostering economic growth.”
Jim Spencer • 202-383-6123