Senate Banking and Finance to discuss debt ceiling
Oct. 10, 2013 – NAFCU will attend two important hearings on the potential impact if Congress and the White House fail to agree on a debt ceiling increase by Oct. 17, after which the government faces a potential default on its debt.
The Senate Banking Committee hearing is titled “Impact of a Default on Financial Stability and Economic Growth.” Witnesses will include: Frank Keating, the president and CEO of the American Bankers Association; Kenneth Bentsen, the president of Securities Industry and Financial Markets Association; Gary Thomas, the president of the National Association of Realtors; and Paul Schott Stevens, the president and CEO of Investment Company Institute.
At the Senate Finance Committee Hearing, Sens. Max Baucus, D-Mont., and Orrin Hatch, R-Utah, will give opening statements, and Treasury Department Secretary Jack Lew will testify.
Last week, NAFCU President and CEO Dan Berger wrote to congressional leaders and the president to urge action to prevent a federal government default on debt. Berger highlighted the importance of the debt limit issue for NAFCU members and said even the perception that the debt limit may not be addressed could be dangerous for the economy.
In a news conference on Tuesday, President Obama once again called on House Republicans to pass a clean budget and debt ceiling bill. He reiterated that Congress’ basic job is “passing a budget and making sure that America’s paying its bills.” The president said he would be open to short-term deals on the debt limit and government funding to allow for broader negotiations.
Berger writes Congress urging action on debt ceiling