The U.S. business community is bracing for a possible knock-out blow after Congress failed to reach a deal Monday to keep the federal government running—resulting in the first government shutdown since 1996 and setting the stage for another battle over the debt ceiling. The U.S. Chamber of Commerce and 250 other business organizations from across the country sent a letter to Congress hours before the shutdown went into effect on Tuesday, urging them not only to agree to legislation to fund the government, but also quickly raise the nation's debt limit. If the $16.7 trillion debt ceiling isn't increased in less than three weeks, the government would exhaust its borrowing capacity, according to the U.S. Treasury Department [PDF]. Sean Hackbarth, a Chamber blogger, described the first government shutdown in 17 years as "the Titanic going through a snow squall" and equated the failure to elevate the debt limit to the "ship hitting the iceberg." Affiliate publication Corporate Counsel has more.
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