Tuesday, July 26, 2011

US Chamber supports Boehner debt-ceiling bill

The US Chamber of Commerce sent a key vote letter to its members declaring that is supports Speaker of the House John Boehner's debt-ceiling bill, which of course includes no tax increases.

Excerpts from that letter:

This legislation is critical. Default on debt obligations is not an acceptable option. The time for Congress to act is now.



While no legislation is perfect, the substitute amendment to S. 627 is a responsible approach because it would: cut spending in the immediate term by more that the increase in the debt ceiling; ensure a workable, enforceable mechanism to facilitate additional spending cuts for future debt limit increases; and allow for a vote on significant reform to the budget process.

A default on the obligations of the United States would most assuredly cause severe, immediate, and pervasive economic harm in the form of higher interest rates, a decline in the dollar, a drop in the stock markets, higher oil prices, and the loss of economic growth and jobs.



Political brinksmanship is no longer an acceptable strategy for either the White House or congressional leaders.

While this legislation is not a solution for all of America's debt and deficit problems, it is a necessary first step in the right direction.
Related post:

Video: Boehner debt-limit rebuttal speech in its entirety

Video: House GOP press conference on debt-limit increase

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