The American Bankers Association and seven financial trade associations today urged lawmakers in both parties to finalize a deal to raise the debt ceiling, saying that failing to do so would put the U.S. economy at risk.
President Biden and House Speaker Kevin McCarthy (R-Calif.) announced over the weekend that they had reached a tentative agreement to raise the debt ceiling. Congress will likely vote on the agreement this week. In their statement, the associations said they were encouraged that a bipartisan deal had been struck.
“America’s capital markets are the strongest, deepest and most liquid in the world, and we should not do anything to jeopardize that,” the groups said. “It is critically important that the United States stand fully behind its obligations. Failure to do so would immediately ripple through the financial system and do irreparable harm to the U.S. economy.
“We respectfully urge our public leaders to finalize the debt ceiling deal and take the remaining critical steps necessary to protect our nation’s financial standing in the world,” they added.