Washington, D.C. – Following today’s debt limit talks at the White House between the President and Congressional leadership, U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley issued the following statement:
“With just two weeks to go before hitting the debt limit, we are pleased to see the scope and structure of the negotiations narrow. We believe there is a path forward on a bipartisan deal that lifts the debt limit and makes important reforms to improve our nation’s fiscal health.
“Both sides already agree that we must rescind unspent COVID funding, implement discretionary spending caps, and reform the federal permitting process. The U.S. would save an estimated $56 billion repealing unspent COVID funding, $750 billion to $1 trillion over 10 years setting caps on discretionary spending levels, and millions more by enacting permitting reform, improving the federal government’s fiscal outlook. We urge the president and Congressional leaders to consider these common goals as they continue to work towards an agreement to prevent economic crisis. It is impossible to overstate the sense of urgency and the negative consequences that would occur if the United States were to default on its debt.”
The U.S. Chamber recently sent this memo to members, highlighting the potential policy agreements between the White House and Congress and laying out why the Chamber does not believe that the 14th Amendment provides an alternative to raising the debt limit.