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US Businesses: Outlook Dire Without Debt Deal

US Businesses: Outlook Dire Without Debt Deal
US Businesses: Outlook Dire Without Debt Deal

Some of America's leading business organizations are pleading with the president and lawmakers to raise the country's debt limit.

A coalition of business groups sent a letter to President Barack Obama and lawmakers Tuesday, warning that any default would have a disastrous impact on the economy, and calling it "a risk our country must not take."

The letter said the two sides need to reach a long-term agreement on cutting the country's budget deficits in order to promote investment and job creation.

The call from groups including the U.S. Chamber of Commerce, the Business Roundtable and the National Association of Manufacturers comes with just weeks to go until an August 2 deadline to raise the debt ceiling.   

Talks between the president and lawmakers have stalled over disagreements about taxes and spending, but the business groups said such partisan differences must be set aside.

Chamber of Commerce President Thomas Donohue said any failure to reach a deal would have "dire consequences" for everyone, from big businesses to consumers. The National Association of Manufacturers said a default would be "catastrophic."

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