Business Groups Beg for No Govt Shutdown

Monday, 30 Sep 2013 10:25 AM

By Michael Kling

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A long and varied list of business groups are begging Congress to not to allow a government shutdown.

In a letter signed by 236 business groups, the U.S. Chamber of Commerce urged the House of Representatives and Senate to approve a continuing resolution and raise the government's debt ceiling.

Because the economy is still underperforming, the government must remain open and continue running while Congress works on broad spending reforms, the chamber argues.

Editor’s Note:
New Video: Obama Plans to Redistribute Seniors’ Wealth

"It is not in the best interest of the employers, employees or the American people to risk a government shutdown that will be economically disruptive and create even more uncertainties for the U.S. economy," the letter states.

The chamber is also pressing Congress to raise the debt limit "in a timely manner" to protect the government's credit.

The chamber argues that Congress must work on controlling entitlement spending, the main culprit of rising debt levels. The Congressional Budget Office, the chamber notes, has said that growth of the federal spending is due "almost entirely" to Social Security and the two healthcare programs

Spending on Social Security, Medicare and Medicaid totals $1.6 trillion. In 10 years, that amount is expected to increase to $3 trillion.

"Congress cannot continue kicking the can down the road; it’s time to take corrective action to address the unaffordable path of entitlement spending, to stabilize federal finances and to undertake fundamental tax reform to strengthen the American economy," the chamber states.

Groups signing the letter range from the Aeronautical Repair Station Association to the Yuma County Chamber of Commerce in Arizona.

The government is set to shut down Oct. 1 unless Congress acts. The Senate passed a continuing resolution, but the House is insisting on defunding Obamacare. The chamber's letter doesn't mention the impending healthcare law.

Small business owners are divided over a government shutdown, according to a recent poll by Pepperdine University’s Graziadio School of Business and Management, The Washington Post reports.

Of the 1,387 business owners surveyed, 48 percent support at least a temporary shutdown and 42 percent want an agreement reached quickly. Half of the business owners would support a shutdown for up to a month, and almost a third would back a shutdown for up to three months.

Most thought a shutdown would hurt the economy, and three-fourths said their own businesses would suffer, according to The Post.

Editor’s Note: New Video: Obama Plans to Redistribute Seniors’ Wealth

Related Stories:

Moody's Zandi: Prolonged Govt Shutdown 'Would Likely Precipitate Another Recession'

Banking Expert: Obama Should 'Let the Government Shut Down'

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