The U.S. business community gave a tepid endorsement of a deal worked out by Congress Wednesday to end the federal government shutdown and raise the debt ceiling, fearing the short-term agreement struck on the verge of a national default leaves the door open for another crisis in the coming months.
Leaders of the U.S. Chamber of Commerce, Business Roundtable, National Retail Federation, National Association of Manufacturers, and other major business groups in Washington, D.C., thanked members of Congress for averting what the U.S. Treasury Department said could have been the worst recession since the Great Depression. But Congress must work quickly to avoid another spending impasse that could come early next year, the business community representatives said.
Under legislation Congress passed late Wednesday night, federal employees returning to work Thursday could face furloughs once more if Congress doesn't reach a deal by January 15 to keep the government running. The debt limit also must be increased again by February 7 to dodge default.