Jeff Mason

WASHINGTON (Reuters), – According to a person who is familiar with the plan, the White House has asked business leaders to meet President Joe Biden this Wednesday in order to talk about raising the U.S.’s debt ceiling.

This meeting will be part of a wider White House strategy that aims to press Republicans into voting for an increase in the debt ceiling or to allow Biden’s Democrats alone to raise it without putting any procedural obstacles in their way.

According to Treasury Department estimates, Congress still has time until Oct. 18 to increase the $28.4 Trillion borrowing limit. Otherwise, a default could have potentially devastating consequences for the largest economy in the world.

This meeting could highlight that corporate executives are keen to avoid chaos in a dispute over the debt ceiling, and place pressure on Republican leaders like Mitch McConnell (Senate Minority Leader).

Republicans tend to support policies that are business friendly when they represent the Republican Party.

So far, no information was available on the names of leaders or companies involved.

U.S. Chamber of Commerce is a prominent business lobbying organization that has demanded Congress increase the debt limit and warns that default is impossible.

Both the Senate and House of Representatives are controlled by Democrats with slim majorities. Republicans are focusing on the political benefits of portraying Biden’s party as spending out-of control and have refused to vote for the increase.

According to the White House, both sides have supported raising the debt ceiling, even multiple times in Republican President Donald Trump’s tenure, during which most of the debt that was being increased was accrued.

Biden and his associates recently used a sharper tone, accusing Republicans in direct opposition of voting to leave the United States bankrupt.