The U.S. Chamber of Commerce is urging quick passage of the debt ceiling deal currently on the table, saying it “takes us a step in the right direction and is the right thing to do.”
In a press release, the Chamber said today that the current legislation satisfied its immediate requirements for a deal: increasing the debt ceiling, avoiding default and reducing spending.
“This agreement would cut spending by more than the increase in the debt ceiling, provide a workable, enforceable mechanism to ensure that the cuts actually take place, allow for a vote on significant reform to the budget process, and avoid a default by the U.S. government that would create enormous economic harm and destroy jobs,” Chamber CEO Thomas J. Donohue said.
“Returning to business as usual in Washington is not an option if we want to restore economic growth, reduce spending, and create millions of new jobs,” Donahue continued. “Lawmakers must remain sharply focused on sensibly reforming entitlements, overhauling our tax code to increase revenues without raising rates, and creating a regulatory environment that fosters growth, spurs entrepreneurism, encourages legitimate risk taking and creates jobs.”
The U.S. Chamber of Commerce is a advocacy group representing American businesses and trade organizations.