As the clock ticks down to the Aug. 2 deadline to raise the debt ceiling, Big Business is beginning to panic. In its latest call for a deal, the U.S. Chamber of Commerce executive vice president for government affairs Bruce Josten wrote in a blog post today that "default is not an option." "Failure to raise the debt ceiling would have calamitous results," Josten wrote. "It would halt government operations, make our debt and deficit situation worse, debase the value of the dollar and threaten its status as the world's reserve currency, and hamper U.S. growth and job creation."
Josten went on to warn of other consequences, like rising interest rates for consumers seeking car loans and mortgages and a bad credit rating that would make it pricey for the U.S. government to borrow in the future.
Click for Full Text!
