Photo of Joe Biden

ICYMI: Leading Tech Industry Organizations Send Letter Urging Congress to Bipartisan Address Debt Limit

September 21, 2021

Yesterday, five leading technology organizations sent a letter to Congress urging immediate bipartisan action on the debt limit to "protect the full faith and credit of the United States."

In the letter, the Information Technology Industry Council (ITI), TechNet, Internet Association (IA), SEMI, and Semiconductor Industry Association (SIA) warn: "Defaulting on the government's obligations could undermine the U.S. dollar's role as the world's reserve currency, spark an economic downturn, increase future deficits, and threaten the status of Treasury bonds as the world's safest asset. Even the threat of default could cause a further downgrade in the U.S. credit rating, which would not only imperil the fragile economic recovery, but raise debt costs for millions of businesses and consumers."

They conclude: "We urge Congress to continue to fulfill its duty to promote a stable and growing American economy and ensure our continued economic prosperity."

Read the full letter here.

Joseph R. Biden, ICYMI: Leading Tech Industry Organizations Send Letter Urging Congress to Bipartisan Address Debt Limit Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/352629

Simple Search of Our Archives