Corporate America’s warnings of a financial catastrophe if Congress fails to raise the debt ceiling are falling on deaf ears among key congressional Republicans who find themselves increasingly at odds with the party's longtime allies.
are falling on deaf ears among key congressional Republicans who find themselves increasingly at odds with the party's longtime allies.the alarm bells sounded by business groups, corporate CEOs and Wall Street investors over the economic consequences of missing an early June deadline for action on Capitol Hill. Instead, many GOP lawmakers vow to seek spending cuts in exchange for passing legislation that would let the U.S. government keep paying its bills.
“The importance and sway that many big business groups had at one point is no longer important to the folks on the far right that we saw in the speakership fight,” said a political consultant who asked not to be named because of their work with corporate clients involved in the debt ceiling debate.
Tensions increased during the 2022 election cycle after a number of major corporations and trade groups decided to withhold donations to the Republicans who voted against certifying the 2020 presidential election results, shifting money instead to moderate Democrats, said a Republican lobbyist who does work for a variety of corporate clients.
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