Axios Pro Exclusive Content

Exclusive: Tech groups urge Congress to raise the debt ceiling

Maria Curi
May 11, 2023
Five men seated at the White House

President Biden with Mitch McConnell, Kevin McCarthy, Hakeem Jeffries and Chuck Schumer in the Oval Office on Tuesday. Photo: Brendan Smialowski/AFP via Getty Images

A broad coalition of industry groups led by TechNet will call on House and Senate leaders to steer clear of a debt default, stressing the harm it would cause not just to businesses but also to average Americans.

Driving the news: President Biden and congressional leaders postponed their planned Friday meeting on the debt ceiling.

  • Staff-level talks are ongoing, and the U.S. could face a default as soon as the start of next month.

What they're saying: ACT | The App Association, the Information Technology Industry Council, and the Semiconductor Industry Association were among the groups that signed the letter sent Thursday.

  • "Continued threats of default undermine the stability of the economy, undercut U.S. global competitiveness, and directly impact U.S. workers," the letter states.
  • “A historic default on our nation’s debt would result in serious harm and unprecedented consequences for Americans across the country, impacting everything from car and home loans to student debt to the interest we pay on our credit cards," TechNet CEO Linda Moore said in a statement to Axios.

Editor’s note: This has been updated to reflect Friday’s planned debt meeting between Biden and congressional leaders was postponed.

Go deeper