CHARLOTTE (QUEEN CITY NEWS) — Business leaders representing millions of American workers are showing support for the debt ceiling deal.
“This has a real impact on people. It has a real impact on communities. So, to have the government let it go this far, so close to the default deadline really is playing with fire,” said Eric Hoplin, president and CEO of the National Association of Wholesaler-Distributors (NAW).
Business groups, including NAW, the U.S. Chamber of Commerce, and the Business Roundtable say they strongly support the agreement between the Administration and Congress to prevent a default.
“With the U.S. at risk of defaulting in less than 10 days, there is no time to spare. We urge Members of Congress to give the legislation their strong support.” – Business Roundtable.
Each sector has voiced concerns about widespread job cuts, higher interest rates, and damage to the supply chain if a deal is not passed in time.
“I am talking to our members who are based in Charlotte and North Carolina and across the country. They are fearful [of] what the economic impacts would be for them, their businesses, and the customers they serve. So, it is no wonder the NAW which represents one-third of the economy, we are joining hands with groups all across the economy to tell our government leaders that this is fiscal insanity,” Hoplin said. “We hope that they are listening to all of us and get their work done in the next day or so.”
A NAW spokesperson says their industry employs more than 200,000 workers and represents more than 400 companies in North Carolina.
“These are the folk that stand in the center of America’s supply chain, keeping goods and services moving all across the economy. So, if you see a default, and suddenly the stock market is in a free-fall, the bond market goes crazy capital starts to freeze up, it makes it really hard to continue to do business,” Hoplin said.
“People need to step back a second and realize this will likely make it through,” UNC Charlotte economics professor John Connaughton said.
If the deal is passed by the legislature, economists say there will still be an impact on the economy. It is estimated that 120,000 jobs cuts, slightly increasing the unemployment rate.
“I would be more concerned with what the Fed does in a couple of weeks with raising or not raising interest rates than with what this agreement does,” Connaughton said.
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