Why The Looming Debt Default Matters To Cheyenne Business
It’s the end of the trail!
The federal government, put simply, has maxed out its credit card. We have reached the limit on the debt we are able to accrue as a nation. Once the tricks the government plays with accounting (referred to as extraordinary measures) have been exhausted, the U.S. will be unable to pay bills and we will begin to default on payments.
This “drop dead date” is around June 1. Put plainly, we will no longer be able to make our credit card payments. This is an important but complicated issue that has been thoroughly covered by the U.S. Chamber.
What you need to know for your business.
You may be asking yourself why you need to worry about this issue. You might be saying, “I’ve seen this on the news many times before. It always turns out the same and, frankly, it doesn’t impact me.”
First, let me assure you that the impact of a default would be catastrophic. Certainly, Wall Street would be affected, but Main Street would pay the price as always. Think about skyrocketing interest rates and faltering power of the dollar, which would certainly mean massive recession in every segment. National Security would be in peril as military projects grind to a halt and our near peer adversaries would quickly replace the U.S. as the world sought out leadership in the economic and political realms.
Fighting For Cheyenne
Business voices from all over this nation are pleading in unison for Congress to get to work and avoid this pitfall. Your Cheyenne Chamber has been a steady warrior in this fight for weeks, and we promise to continue our efforts until a solution is reached. Watch carefully the next few days, and we promise to keep you updated as negotiations are ongoing and the edge of the cliff draws ever closer.
Your Cheyenne Chamber is on the frontlines of this issue, working with nation-wide partners and meeting with your representatives to hold our legislators accountable when representing the interests and needs of Cheyenne and Wyoming. Learn more about our work at CheyenneChamber.org, or call 307-638-3388 to find out how you can support our mission and protect Wyoming’s future.