by Bruce Josten
U.S. Chamber of Commerce
We have been telling you for weeks and months that defaulting on our debt is not an option – it has real, immediate, and potentially catastrophic consequences. As Tom Donohue and Rob Nichols outlined in their joint USA Today op-ed just last week, failure to raise the debt ceiling would have calamitous results. 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.
And we are going to remind you again. If Congress fails to raise the debt ceiling, there will be real impacts, for every American. Interest rates will rise for everyone – which means higher rates for American consumers and the small businesses who drive our economy. Car loans, mortgages, and business and student loans will all be more expensive.Read the full article and discuss it »