Business groups endorse debt limit deal as McCarthy scrambles for votes

Major business groups are lining up behind Speaker Kevin McCarthy’s (R-Calif.) deal with President Biden to raise the debt limit, giving more political momentum to the legislation as McCarthy urges skeptical members of the House GOP conference to back the bill.

The National Association of Manufacturers (NAM) congratulated Biden and McCarthy on Monday for reaching a deal and highlighted the importance of the permitting reform provisions in the legislation.

“Congress should act quickly to pass this agreement and to demonstrate to Americans and to the world the continued strength of our institutions and our democracy,” said NAM President and CEO Jay Timmons.

“Manufacturers have been a leading voice for permitting reform, so we are encouraged that this legislation takes critical steps to improve our broken permitting system, helping us more fully leverage our domestic energy sources and expand manufacturing in the United States,” he said.  

Other business leaders are putting pressure on lawmakers to pass the bill swiftly.

“Federal leaders should use this opportunity to limit out-of-control spending to avoid simply passing on the issue to future generations. Members of Congress must finish the job and send the bill to the president’s desk to be signed into law without delay,” said U.S. Chamber of Commerce President and CEO Suzanne P. Clark.

Joshua Bolten, the CEO of the Business Roundtable, called for Congress to pass the bill immediately.

“Business Roundtable strongly supports the agreement between the Administration and Congress to prevent a devastating default. We commend President Biden and Speaker McCarthy for reaching a bipartisan solution on raising the debt ceiling and call on the House and Senate to pass this bill as soon as possible,” he said.

The endorsement from three of the nation’s largest business groups will bolster Republican support for the bill, which is coming under criticism from conservatives who say it doesn’t do enough to reduce the deficit.

Rep. Matt Rosendale (R-Mont.) declared it would be “an insult to the American people to support a piece of legislation that continues to put our country’s financial future at risk.”

Rep. Chip Roy (R-Texas) slammed it as a “turd sandwich,” and Rep. Ralph Norman (R-S.C.) decried it as “insanity.”

“Not gonna vote to bankrupt our country. The American people deserve better,” Norman tweeted.

McCarthy, however, says the legislation will have the support of 95 percent of his conference.

Conservative House members are trying to defeat the bill and dispute that it has such widespread support within the GOP conference.

Updated at 9:47 a.m. EDT

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