July 29, 2011
The President
The White House
Washington, DC 20500
Members of the United States Congress
United States Capitol
Washington, DC 20510
Dear Mr. President and Members of Congress:
We write as chief executive officers of major U.S. companies to urge you, our elected leaders, to enact legislation now that raises the debt limit and puts the United States on an immediate and real path toward fiscal responsibility. From our experience and with conviction we can tell you: inaction poses an unacceptable financial risk to the nation’s economic growth and job creation.
There is no doubt that failure to lift the debt limit to meet U.S. obligations will raise the costs of borrowing for our companies as well as the thousands of small business suppliers who are a driving force in the creation of new jobs.
Effects of default will reverberate throughout the economy, throttling growth, discouraging hiring and casting serious doubt about any long-term recovery. The United States would become a less attractive place to invest and operate. Failure to act now will further exacerbate the difficulties in addressing the long-term issues of government size and spending. Not only will America’s creditworthiness suffer, so will America’s credibility.
We have been speaking with increasing urgency about the economic harm caused by the inability to predict what the federal government might do in terms of regulations, taxes, spending and borrowing. The current impasse only magnifies such uncertainty. Our elected leaders must come to an agreement that preserves America’s global reputation and economic vitality.
There is no more time for delay. Inaction has unacceptable consequences. We urge you in the strongest possible terms to enact legislation now that lifts the debt ceiling with a serious plan that puts America on a true path to a sound fiscal future.
Sincerely,
Ajay Banga
President and Chief Executive Officer
MasterCard Incorporated
Angela F. Braly
Chair, President and Chief Executive Officer
WellPoint, Inc.
Kenneth I. Chenault
Chairman and CEO
American Express Company
David M. Cote
Chairman and Chief Executive Officer
Honeywell International, Inc.
Alexander M. Cutler
Chairman and Chief Executive Officer
Eaton Corporation
James Dimon
Chairman & CEO
JPMorgan Chase & Co.
Michael T. Duke
President & Chief Executive Officer
Wal-Mart Stores, Inc.
William D. Green
Chairman
Accenture plc
Jeffrey R. Immelt
Chairman & CEO
General Electric Company
Andrew N. Liveris
Chairman & CEO
The Dow Chemical Company
Robert A. McDonald
Chairman, President & CEO
The Procter & Gamble Company
W. James McNerney, Jr.
Chairman, President and CEO
The Boeing Company
Michael G. Morris
Chairman and Chief Executive Officer
American Electric Power Company, Inc.
Antonio M. Perez
Chairman & Chief Executive Officer
Eastman Kodak Company
Edward B. Rust, Jr.
Chairman & CEO
State Farm Insurance Companies
Ivan G. Seidenberg
Chairman & CEO
Verizon Communications
Randall L. Stephenson
Chairman & CEO
AT&T Inc.
Rex W. Tillerson
Chairman & CEO
Exxon Mobil Corporation