WASHINGTON – The National Retail Federation today issued the following statement from President and CEO Matthew Shay following the announcement that President Biden and Speaker McCarthy reached a debt ceiling deal:
“On behalf of the retail industry, we strongly encourage Congress to move quickly to pass the bipartisan agreement to raise the debt ceiling.
“The consequences of failing to raise the debt ceiling would be severe, causing substantial disruptions in the financial markets and potentially leading to a downgrade of the United States' credit rating. "
“The consequences of failing to raise the debt ceiling would be severe, causing substantial disruptions in the financial markets and potentially leading to a downgrade of the United States' credit rating. Such outcomes would raise borrowing costs for businesses and consumers alike, resulting in reduced access to credit, higher interest rates, and dampened consumer confidence. These factors would directly impact retail sales, business investments, and job creation, creating a ripple effect throughout the entire economy.
“Lifting the debt ceiling will safeguard the stability of our economy and also protect the livelihoods of millions of Americans employed in the retail industry and the countless others who depend on its continued success.”
About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation’s largest private-sector employer, contributing $3.9 trillion to annual GDP and supporting one in four U.S. jobs — 52 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com