Big business wants Congress to raise the debt ceiling

(Washington) Lobbyists from financial circles, but the boss of the giant Amazon, called on the U.S. Congress on Tuesday to raise the debt ceiling without delay, with Republican officials refusing to back down.

These companies, which represent the banking and finance sector, warned in a letter to elected officials that “failure to fulfill our existing obligations would be irresponsible and cause irreparable damage to the economy and US taxpayers.”

The debt ceiling came into effect again from 1stThere is August, after a two-year suspension, thanks to the agreement between the Trump administration and Congress.

Without a new deal, the United States will run out of money “in October,” Treasury Secretary Janet Yellen warned last week.

The state of the country’s commitments against the debt ceiling “threatens consumer confidence and U.S. businesses and potential credit ratings if it does not ensure that ceiling is raised,” Amazon boss Andy Josie told CNBC on Tuesday.

Irreparable damage

Mitch McConnell, the Republican leader in the Senate, meanwhile, said Democrats need to defend themselves.

“Democratic leaders have all the tools and procedures they need to manage the credit limit, as well as they choose to manage everything else,” he said Tuesday, allowing the majority to pass its bills by ballot.

Democrats are therefore considering avoiding Republicans accepting Joe Biden’s $ 3.5 trillion social spending plan.

On the other hand, they want the support of the opposition to raise the debt ceiling.

Senate Democrat leader Chuck Schumer recalled, “During President Trump’s administration, Democrats worked with Republicans three times.

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“If the United States does not repay its debt, it will hurt all Americans. […] The repercussions will be felt around the world, and it will cause irreparable damage to the world economy as we all work to get out of a unique epidemic in a century, ”he warned.

The country can no longer repay its debts and pay the salaries of federal employees or their pensions.

This will trigger a global financial explosion and increase short-term borrowing costs for homes.

In 2011, rating agency Standard & Poor’s withdrew its “AAA” rating, allowing a long-term political freeze on the matter.

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