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The National Association of Wholesaler-Distributors (NAW), which is the voice of the 8.1 trillion-dollar wholesale distribution industry, and employs more than 6 million U.S. workers, issued the following statement as the United States hit its debt ceiling today:
"The United States government has nearly exhausted its borrowing capability and is now at risk of running out of cash and defaulting on its debts, putting our nation at tremendous risk for economic devastation and hardship," said NAW CEO Eric Hoplin. "Washington has once again shown that out of control government spending will directly have a negative impact on American households and businesses during an already difficult economic time. Political leaders must come together and discuss real solutions to this problem and find ways to correct the behavior that has led us to this point.
"The wholesale distribution industry and its workforce would immediately feel the impact of the United States defaulting on its debt potentially later this year. It is a national embarrassment that the government has essentially maxed out its credit card and it now has limited ways to pay off the balance. Instead, the government wants to increase that credit limit even more so it can continue to spend borrowed money to fund wasteful programs and legislation that do not yield positive economic growth. Our political leaders cannot continue down this wasteful path and must find a real solution as soon as possible," concluded Hoplin.