White House to tap business leaders to push Republicans on debt ceiling

By Jeff Mason

WASHINGTON (Reuters) – The White House is asking concern leaders to conscionable with President Joe Biden connected Wednesday astir the request to rise the U.S. indebtedness ceiling, according to a idiosyncratic acquainted with the plans.

The projected gathering is portion of a broader White House strategy to unit Republicans to ballot for a indebtedness ceiling summation oregon let Biden’s Democrats to summation it alone, without throwing procedural hurdles successful the way.

The Treasury Department has estimated that it has until astir Oct. 18 for Congress to rise the government’s $28.4 trillion borrowing bounds oregon hazard a indebtedness default that could spark perchance catastrophic consequences for the world’s largest economy.

The gathering with concern leaders could underscore that executives successful the firm assemblage privation to debar the chaos of a conflict implicit the indebtedness ceiling and enactment unit connected apical Republican leaders specified U.S. Senate Minority Leader Mitch McConnell.

Republicans successful Congress thin to favour policies perceived to beryllium business-friendly.

There were nary details truthful acold connected which leaders oregon companies would beryllium involved.

The U.S. Chamber of Commerce, a starring concern lobbying group, has pressed Congress to summation the indebtedness ceiling and warned that default is not an option.

Democrats power some the House of Representatives and the Senate with razor bladed majorities. But Republicans, with an oculus toward the believed governmental payment of coating Biden’s enactment arsenic overseeing out-of-control spending, person declined to ballot for the increase.

The White House has argued that some parties person supported expanding the indebtedness ceiling successful the past, including aggregate times during Republican President Donald Trump’s word successful office, erstwhile astir of the indebtedness being covered by this summation was accrued.

Biden and his aides person utilized importantly sharper rhetoric recently, accusing Republicans of voting straight to fto the United States default.

(Reporting by Jeff Mason; Editing by Heather Timmons and Bill Berkrot)