As we hurtle closer to a Republican Government Shutdown and Default, CEOs worry that GOP dysfunction will have a lasting impact on our nation’s economy and our standing in the world. Are you listening, Speaker Boehner & House Republicans? From Reuters:
“Engage in whatever political machinations you wish, but do not default,” said Honeywell International Inc Chief Executive David Cote. “Don’t throw away a credit history built up since George Washington.”
…Honeywell’s Cote, Tenneco Inc CEO Gregg Sherrill and Paul Stebbins, executive chairman of World Fuel Services Corp , plan to take an even bigger group of chief executives to Washington in October.
“It’s not for us to articulate precisely what the negotiated settlement should look like,” Stebbins said. “But we’re telling them that the dysfunction is doing deep damage to the country and to the world’s perception of us.”
With current funding scheduled to expire at the end of September and the government fast approaching the $16.7 trillion debt limit imposed by Congress earlier this year, Stebbins said the group urged lawmakers to pass the continuing resolution and not delay Obamacare.
“It’s just reckless to try to hold it hostage – to hold the whole country hostage – because you don’t like a law,” Stebbins said.
Separately, Goldman Sachs Group Inc’s CEO Lloyd Blankfein said that although he was optimistic an agreement to raise the debt ceiling would ultimately pass, concerns that Congress would fail to act in time were hurting markets and the economy.
“Saying we’ll blow up the credit rating is not responsible,” Blankfein said on Wednesday on a panel of the Clinton Global Initiative in New York…
The last close-call on a government shutdown in December 2012 and early 2013 dealt a blow to small-business confidence, hurting lending and job growth, said Richard Hunt, head of a trade group called the Consumer Bankers Association.
Hunt told reporters on Wednesday that experienced lawmakers understand the implications of shutting down the government, but some newer members do not seem to realize how wide-ranging the effects could be.
“Some of these people who just got elected believe they are here to save the country, and they’re not worried about a two- or three-day shutdown,” Hunt said. “So we need to make sure we have adults in both parties right now.”