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Virginia Politics
Posted at 02:08 PM ET, 07/26/2011

Fairfax Chamber of Commerce urges Congress and White House to compromise on debt

Fairfax County Chamber of Commerce President Jim Corcoran, mindful of the billions of dollars that pour into Northern Virginia from the federal government, called on Congress and the White House on Tuesday to cut a deal to raise the debt ceiling or risk damaging Virginia’s economic powerhouse.

“Running through the August 2 deadline will put contracts in jeopardy and threaten credit ratings, including the Commonwealth’s, putting at risk every business and citizen in the nation, especially Northern Virginia’s government contracting community,” Corcoran said in a written statement. He estimated the size of the federal government’s contribution to the local economy at more than $23 billion.

With Uncle Sam set to hit the debt-limit ceiling a week from now, both sides still seemed far apart on a deal. House Speaker John A. Boehner was insisting Tuesday on a two-step deficit-cutting plan that has been spurned so far by President Obama and most congressional Democrats. The International Monetary Fund, meanwhile, warned of serious consequences if the U.S. should default.

Corcoran’s full statement is here:

Vienna, Va. – Jim Corcoran, president & CEO of the Fairfax County Chamber of Commerce (Fairfax Chamber), today issued the following statement on the debt ceiling debate and its potential impact on government contractors:
“The Fairfax Chamber encourages members of Congress and the White House to come to a compromise on the debt ceiling debate.
Northern Virginia – and Fairfax County specifically – is home to a high concentration of government contracting firms that represent more than $23 billion in government contracts and provide critical services like defense support, information technology, accounting and much more to the federal government.
Running through the August 2 deadline will put contracts in jeopardy and threaten credit ratings, including the Commonwealth’s, putting at risk every business and citizen in the nation, especially Northern Virginia’s government contracting community.”

By  |  02:08 PM ET, 07/26/2011

 
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