U.S. Chamber Urges Congress to Quickly Pass Bipartisan Compromise Bill on Debt Ceiling

Sunday, July 31, 2011 - 8:00pm

WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement on the bipartisan agreement to raise the debt ceiling and reduce spending:

“We strongly urge the House and Senate to quickly pass this bipartisan compromise bill that would increase the debt ceiling, avert default, reduce spending, and start the process of getting our fiscal house in order.

“This agreement would cut spending by more than the increase in the debt ceiling, provide a workable, enforceable mechanism to ensure that the cuts actually take place, allow for a vote on significant reform to the budget process, and avoid a default by the U.S. government that would create enormous economic harm and destroy jobs.

“Returning to business as usual in Washington is not an option if we want to restore economic growth, reduce spending, and create millions of new jobs. Lawmakers must remain sharply focused on sensibly reforming entitlements, overhauling our tax code to increase revenues without raising rates, and creating a regulatory environment that fosters growth, spurs entrepreneurism, encourages legitimate risk taking, and creates jobs.

“We have a great deal of hard work ahead of us to restore our economy and put our nation’s finances on a sounder footing. This agreement takes us a step in the right direction and is the right thing to do.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.