Ahead of today’s high-stakes meeting between President Joe Biden and congressional leaders to discuss raising the debt ceiling, U.S. business executives have issued a stern warning, urging both parties to reach an agreement. The cost of a default or even the possibility of one is too high, the group warned.
“With the U.S. at risk of defaulting on its obligations as soon as June 1, meaningful, bipartisan discussions on raising the debt ceiling can no longer wait,” Business Roundtable CEO Joshua Bolten said in a statement on Monday.
“A default would deliver a severe blow to the economy, leading to widespread job losses, decimated retirement savings, and higher borrowing costs for families, businesses, and the government,” Bolten continued. “Failing to raise the debt limit would also threaten the U.S. dollar’s central role in the global financial system to the benefit of China.”…