WASHINGTON — The National Retail Federation announced that it is urging Congress to reach an agreement and raise the debt ceiling in order to avoid default.
NRF president and CEO Matthew Shay issued the following statement:
“The retail industry, accounting for one in four American jobs and nearly 20 percent of our nation’s GDP, urges Congress and the White House to work together to expeditiously raise the debt ceiling so that the government can meet its financial obligations and provide certainty for the country and the overall economy. Defaulting on our nation’s debt would send shock waves through all sectors of the economy, including retailers, employees and consumers. Higher interest rates for consumers and small businesses will drive down consumer demand, which is already lagging, and cost jobs in the retail sector.