TechNet Joins Business Leaders In Call for Raising U.S. Debt Ceiling and Committing to Long-Term Debt Reduction

Home » TechNet Joins Business Leaders In Call for Raising U.S. Debt Ceiling and Committing to Long-Term Debt Reduction

Washington, DC – TechNet, the bipartisan policy and political network of CEOs that promotes the growth of the innovation economy, today joined hundreds of business leaders and organizations in calling for political leaders to increase the U.S. debt limit and focus on long-term debt reduction.

In a letter to the President of the United States and Members of Congress, the executives wrote:

“We believe it is vitally important for the US government to make good on its financial obligations and to put its fiscal house in order. With our nation on a sound fiscal footing, we are confident that America’s businesses and entrepreneurs will foster generations of high value, well paying jobs and contribute to a prosperous future. To this end, we believe now is the time for our political leaders to act.

“First, it is critical that the US government not default in any way on its fiscal obligations. A great nation – like a great company – has to be relied upon to pay its debts when they become due. This is a Main Street not Wall Street issue. Treasury securities influence the cost of financing not just for companies but more importantly for mortgages, auto loans, credit cards and student debt. A default would risk both disarray in those markets and a host of unintended consequences. The debt ceiling trigger does offer a needed catalyst for serious negotiations on budget discipline but avoiding even a technical default is essential. This is a risk our country must not take.

“Second, our political leaders must agree to a plan to substantially reduce our long-term budget deficits with a goal of at least stabilizing our nation’s debt as a percentage of GDP – which will entail difficult choices. The resulting plan must be long-term, predictable and binding. As businesses make plans to invest and hire, we need confidence that, in the absence of a crisis, our government will not reverse course and return to large deficit spending.

“Now is the time for our political leaders to put aside partisan differences and act in the nation’s best interests. We believe that our nation’s economic future is reliant upon their actions and urge them to reach an agreement. It is time to pull together rather than pull apart.”

Signatories to the letter included leaders from organizations like the U.S. Chamber of Commerce, Business Roundtable, TechNet, Caterpillar Inc., CB Richard Ellis Group, Inc., Citigroup, Inc., and General Mills, among others.

About TechNet:
TechNet is the national, bipartisan network of CEOs that promotes the growth of technology industries and the economy by building long-term relationships between technology leaders and policymakers and by advocating a targeted policy agenda. TechNet’s members represent more than one million employees in the fields of information technology, biotechnology, e-commerce and finance. TechNet has offices in Washington, DC, Palo Alto, Sacramento, Seattle, Boston and Austin. Web address: www.technet.org. You can also follow us on Facebook and Twitter at @technetupdate.

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Contact: Jim Hock, (202) 463-0013 x202 moc.364null@kcoh.mij