Business Groups to GOP: Do Your Job

Fiscal Responsibility

Wanted to pass along this article in today’s Washington Post about the letter business leaders sent to Congress and the White House putting pressure on Republicans to agree to a comprehensive deal to ensure that America pays its bills and reduce the deficit. While Democrats are ready and willing to compromise on a large, comprehensive deficit reduction package, Republicans keep walking away and risking our economy security in order to fight for tax breaks for the wealthiest Americans. It’s time for Republicans to heed this call from business leaders and work with us to ensure we pay our nation’s bills and seriously reduce the deficit so we can give businesses and the markets the certainty they need.

Key Excerpts:

“A sprawling coalition of Wall Street and Main Street business leaders sent an unmistakable message to lawmakers Tuesday: Enough squabbling. Get the debt ceiling raised.”

“The message, sent in a letter to President Obama and every member of Congress, puts pressure on GOP lawmakers, who have staked out an uncompromising stance against raising taxes in the partisan wrangling over the country’s borrowing limit.”

Republicans rely heavily on corporations for political support and have regularly cited the opinions of these ‘job creators’ in their opposition to new tax revenue. Many of the House GOP freshmen most opposed to a compromise were swept into office with the help of financial support from groups behind the letter.”

“But the business community, which has largely kept quiet on the issue until now, does not uniformly share the Republican orthodoxy on taxes, according to some lobbyists who helped craft the statement.”

“The letter conspicuously avoided any mention of tax revenue partly because of differences of opinion among executives over whether to compromise on taxes to get a deal done, said a senior industry lobbyist, who spoke on the condition of anonymity because the internal deliberations were private.”

“‘The debt default would be exponentially more painful than anything else,’ said another senior executive at a major business lobbying group.”

“The letter, signed by hundreds of senior company executives and groups including the U.S. Chamber of Commerce and the Business Roundtable, said that ‘it is critical that the U.S. government not default in any way’ and urges lawmakers ‘to put aside partisan differences and act in the nation’s best interest.’”

“‘The business community in large numbers is saying to our leaders in Washington, ‘Do your job,’’ said Business Roundtable President John Engler, a former Republican governor of Michigan. ‘Failure to raise the debt ceiling would strike an immediate and serious blow to any economic recovery, and failure to make significant progress on long-term debt reduction will continue the uncertainty which is hampering our investment climate.’”