Washington – Business Roundtable CEO Joshua Bolten today released the following statement ahead of the meeting between President Biden and congressional leadership:
“With the U.S. at risk of defaulting on its obligations as soon as June 1, meaningful, bipartisan discussions on raising the debt ceiling can no longer wait. Business Roundtable welcomes the upcoming meeting between President Biden, Speaker McCarthy and congressional leaders, and we strongly encourage Congress and the Administration to commit to substantive negotiations on an agreement that can pass the House and Senate.
“A default would deliver a severe blow to the economy, leading to widespread job losses, decimated retirement savings and higher borrowing costs for families, businesses and the government. Failing to raise the debt limit would also threaten the U.S. dollar’s central role in the global financial system to the benefit of China.
“Securing a bipartisan path forward to raise the debt ceiling could not be more urgent. The cost of a default, or even the threat of a default, is simply too high.”