Broad Coalition Highlights Threat to American Workers and Businesses Should Congress Fail to Act

Washington, D.C. – TechNet, the national, bipartisan network of innovation economy CEOs and senior executives, authored a multi-industry letter, signed by 19 leading organizations, urging Congress to fulfill its bipartisan responsibility and raise the nation’s debt limit without delay. The letter was sent today to every member of Congress. The following can be attributed to TechNet President and CEO Linda Moore:

“This is a Main Street issue – not a Wall Street issue. A historic default on our nation’s debt would result in serious harm and unprecedented consequences for Americans across the country, impacting everything from car and home loans to student debt to the interest we pay on our credit cards.

“Congress has raised the debt limit nearly 80 times since 1960, and this time should be no different. A default has the potential to devastate our economy and will likely lead to a downgrade of our nation’s credit rating, which would raise the debt costs for millions of Americans and businesses, many of whom are already struggling with inflation.

“We urge Congress to come together and secure a bipartisan agreement that protects the full faith and credit of the United States and pays our obligations without further delay.”

In addition to TechNet, the letter was signed by ACT | The App Association, the American Escrow Association, the American Land Title Association, Business for America, CCIA, the Center for American Entrepreneurship, the Developers Alliance, the Digital Media Association (DiMa), the Electronic Transactions Association, Engine, IAB, the Information Technology Industry Council (ITI), the Marketplace Industry Association, the National Electrical Manufacturers Association, the Semiconductor Industry Association, SIIA, the Telecommunications Industry Association, and Women in Toys, Licensing & Entertainment.

You can read the full letter here.