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.

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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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