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BRT Letter to President Obama on Budget, Debt Ceiling

September 23, 2013

 

The President

The White House

Washington, DC  20500

 

Dear Mr. President:

On behalf of Business Roundtable, thank you for the constructive dialogue last week on issues critical to America’s near-term and long-term economic prospects.  As always, you were more than generous with your time, and our membership appreciated the opportunity to engage with you.

As we discussed, business leaders are gravely concerned about the potential negative impact on the economy should Congress and the Administration fail to adequately address the 2014 federal government funding and debt ceiling issues.  Failure to fund the basic business of government and adjust the debt limit in a fiscally responsible manner would risk both the immediate and long-term health of the U.S. economy and could permanently increase borrowing costs.  Even a brief government shutdown would have serious economic consequences and default, however temporary, would be calamitous.

The BRT’s own recent survey data, as well as separate monetary policy actions over the past days, indicate that the economic conditions for a return to robust and sustained growth do yet not exist.  Continued headwinds generated by combined political volatility and inaction in Washington, DC make the return to historic norms of GDP growth unlikely—much to the detriment of U.S. workers and U.S. global economic leadership.

For these and other reasons, we believe that it is imperative that America’s governing leadership come together quickly to find a path forward.  Unfortunately, there is no public evidence that constructive conversations between the Administration and Congress are underway.  Our membership urges both sides to adopt a new spirit of cooperation to achieve long-term comprehensive resolutions that put our fiscal house in order and clear the way for greater economic growth.

Business Roundtable members will remain engaged with political leaders to encourage solutions that work for American workers, businesses and the economy as a whole.

Again, thank you for taking the time to join us last week.

Sincerely,

W. James McNerney, Jr.

Chairman, President and CEO

The Boeing Company

 

John Engler

President

Business Roundtable

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