Major business groups are lining up behind Speaker Kevin McCarthy’s (R-Calif.) deal with President Biden to raise the debt limit, giving more political momentum to the legislation as McCarthy urges skeptical members of the House GOP conference to back the bill.
“Federal leaders should use this opportunity to limit out-of-control spending to avoid simply passing on the issue to future generations. Members of Congress must finish the job and send the bill to the president’s desk to be signed into law without delay,” said U.S. Chamber of Commerce President and CEO Suzanne P. Clark.
Joshua Bolten, the CEO of the Business Roundtable, called for Congress to pass the bill immediately.
“Business Roundtable strongly supports the agreement between the Administration and Congress to prevent a devastating default. We commend President Biden and Speaker McCarthy for reaching a bipartisan solution on raising the debt ceiling and call on the House and Senate to pass this bill as soon as possible,” he said.
The endorsement from two of the nation’s largest business groups will bolster Republican support for the bill, which is coming under criticism from conservatives who say it doesn’t do enough to reduce the deficit.
Rep. Matt Rosendale (R-Mont.) declared it would be “an insult to the American people to support a piece of legislation that continues to put our country’s financial future at risk.”
Rep. Chip Roy (R-Texas) slammed it as a “turd sandwich” and Rep. Ralph Norman (R-S.C.) decried it as “insanity.”
“Not gonna vote to bankrupt our country. The American people deserve better,” Norman tweeted.
McCarthy, however, says the legislation will have the support of 95 percent of his conference.
Conservative House members are trying to defeat the bill and dispute that it has such widespread support within the GOP conference.
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