Manufacturers have been watching the debate on raising the debt ceiling with great concern over the past month. They understand that if the U.S. government defaults on their obligations, job creators cannot succeed or grow, much compete globally. Manufacturers, such as the LORD Corporation have reached out to elected officials, stressing the importance of reaching a deal to raise the debt ceiling and also to address the ever-growing spending problem in Washington. The letter states:
“America cannot afford to renege on its commitments, and LORD would not be in a position to add jobs if our country were to default on its loans. Assuming that there is a last-minute deal to raise the debt limit and avoid default, the terms of this deal will also have a direct impact on our ability to add jobs and remain competitive in the future.”
Earlier this month, the National Association of Manufacturers sent a press release and joined with over 400 other organizations in a letter to leaders in both the House of Representatives and Senate, as well as to the President, expressing the critical importance of raising the debt ceiling to ensure the stability of our economy, and preventing an economic catastrophe. Default is not an option; it would be a fundamental failure of the government to fulfill the obligations they have made.
The reality is that Washington continues to spend more than it takes in – this is fiscal irresponsibility at the highest level. Individuals are expected to pay their taxes, mortgages and other bills and live within their means – should it be any different for the government? There is no question that we must pay the bills our nation has incurred, but moving forward, an era of fiscal responsibility is needed to sustain the economic health of not only America, but the global economy.