Tax and Fiscal Policy Business Roundtable Letter to Congressional Leadership on Debt Ceiling

Sep 15, 2021

The Honorable Nancy Pelosi 

Speaker of the House 

United States House of Representatives 

H-232, U.S. Capitol 

Washington, DC 20515


The Honorable Mitch McConnell

Republican Leader

United States Senate

S-230, U.S. Capitol 

Washington, DC 20510


The Honorable Charles Schumer Majority Leader 

United States Senate

S-221, U.S. Capitol 

Washington, DC 20510


The Honorable Kevin McCarthy

Republican Leader

United States House of Representatives

H-204, U.S. Capitol 

Washington, DC 20515


Dear Speaker Pelosi and Leaders Schumer, McConnell and McCarthy:

On behalf of the CEO members of Business Roundtable, we write to urge Congress to act swiftly to address the U.S. statutory debt ceiling. In her September 8 letter, Secretary Janet Yellen advised that the Treasury Department’s cash and extraordinary measures used to finance the government will be exhausted during the month of October. Congress has the authority to lift the debt ceiling to safeguard the full faith and credit of the United States—and the responsibility to do so.

Failure to lift the U.S. federal debt limit to meet U.S. obligations would produce an otherwise avoidable crisis and pose unacceptable risk to the nation’s economic growth, job creation and financial markets. An extended period of uncertainty around the debt ceiling poses an even higher risk than usual as America continues to confront economic risk from the pandemic. Further, erosion of the country’s credit position would also result in permanently higher borrowing costs for the federal government, as well as raise borrowing costs for American companies, including Business Roundtable member companies, which employ 20 million workers, and their small business suppliers.  

To promote confidence and create economic conditions for job growth and long-term investment, America cannot default on its debt. We urge Congress to address the U.S. statutory debt ceiling well before the mid-October deadline.

Sincerely,

Doug McMillon

President & CEO, Walmart

Chairman, Business Roundtable


Joshua Bolten

President & CEO, Business Roundtable