Businesses nationwide are urging Congress to act promptly to fund the federal government and raise the nation’s debt limit.
CBIA has joined several organizations, including the U.S. Chamber of Commerce, National Association of Manufacturers and others, in asking lawmakers to find a way to break the impasse, restore funding for normal government operations, and extend the debt ceiling to avoid default--all to help preserve the nation’s fragile economic recovery.
While businesses recognize how important it is to restrain federal spending, reduce federal budget deficits, and control the growth of federal debt, the danger now is that the political impasse on these key issues could inflict substantial, lasting damage on the U.S. economy.
A recent survey of American manufacturers found that more than 90% of respondents said that addressing the nation’s fiscal challenges is important to their businesses. And two-thirds said it is extremely important for the president and Congress to make progress on funding the government for fiscal year 2014 and extending the nation’s debt ceiling.
The shutdown and impending deadline (Oct. 17) on the debt ceiling have already caused disruptions in American manufacturing—including among several Connecticut companies with federal defense industry contracts. The ongoing gridlock and uncertainty are only working against economic growth and job creation.
While, the shutdown nearly caused thousands of furloughs at Pratt & Whitney until Defense Secretary Chuck Hagel stepped in, there are many other businesses in Connecticut—manufacturers and service companies and providers—that are reporting interruptions in work already.
For more information, contact CBIA’s Bonnie Stewart at 860.244.1925 or email@example.com.