Letter to the Administration Urging Immediate Action on Debt Ceiling | Business Roundtable


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We write as chief executive officers of major U.S. companies to urge you, our elected leaders, to enact legislation now that raises the debt limit and puts the United States on an immediate and real path toward fiscal responsibility. From our experience and with conviction we can tell you: inaction poses an unacceptable financial risk to the nation’s economic growth and job creation.

There is no doubt that failure to lift the debt limit to meet U.S. obligations will raise the costs of borrowing for our companies as well as the thousands of small business suppliers who are a driving force in the creation of new jobs. 

Effects of default will reverberate throughout the economy, throttling growth, discouraging hiring and casting serious doubt about any long-term recovery. The United States would become a less attractive place to invest and operate. Failure to act now will further exacerbate the difficulties in addressing the long-term issues of government size and spending. Not only will America’s creditworthiness suffer, so will America’s credibility.

We have been speaking with increasing urgency about the economic harm caused by the inability to predict what the federal government might do in terms of regulations, taxes, spending and borrowing. The current impasse only magnifies such uncertainty. Our elected leaders must come to an agreement that preserves America’s global reputation and economic vitality.

There is no more time for delay. Inaction has unacceptable consequences. We urge you in the strongest possible terms to enact legislation now that lifts the debt ceiling with a serious plan that puts America on a true path to a sound fiscal future.


Ajay Banga 

President and Chief Executive Officer 

MasterCard Incorporated 


Angela F. Braly 

Chair, President and Chief Executive Officer 

WellPoint, Inc. 


Kenneth I. Chenault 

Chairman and CEO 

American Express Company 


David M. Cote 

Chairman and Chief Executive Officer 

Honeywell International, Inc. 


Alexander M. Cutler 

Chairman and Chief Executive Officer 

Eaton Corporation 


James Dimon 

Chairman & CEO 

JPMorgan Chase & Co. 


Michael T. Duke 

President & Chief Executive Officer 

Wal-Mart Stores, Inc. 


William D. Green 


Accenture plc 


Jeffrey R. Immelt 

Chairman & CEO 

General Electric Company 


Andrew N. Liveris 

Chairman & CEO 

The Dow Chemical Company 


Robert A. McDonald 

Chairman, President & CEO 

The Procter & Gamble Company 


W. James McNerney, Jr. 

Chairman, President and CEO 

The Boeing Company 


Michael G. Morris 

Chairman and Chief Executive Officer 

American Electric Power Company, Inc. 


Antonio M. Perez 

Chairman & Chief Executive Officer 

Eastman Kodak Company 


Edward B. Rust, Jr. 

Chairman & CEO 

State Farm Insurance Companies 


Ivan G. Seidenberg 

Chairman & CEO 

Verizon Communications 


Randall L. Stephenson 

Chairman & CEO 

AT&T Inc. 


Rex W. Tillerson 

Chairman & CEO 

Exxon Mobil Corporation