Leading business groups are lauding a bipartisan agreement reached by President Joe Biden and House Speaker Kevin McCarthy to raise the debt ceiling. The agreement comes as the U.S. government is nearing its borrowing limit of $28 trillion, which could have significant implications for the economy if the limit is not increased.

The D.C.-based Business Roundtable, which represents the CEOs of America's largest corporations, praised the agreement and urged Congress to move quickly to pass it. "We commend President Biden and House Speaker McCarthy for their leadership in reaching this bipartisan deal to raise the debt ceiling and avoid a catastrophic default. We urge Congress to swiftly pass this legislation," said Joshua Bolten, President and CEO of Business Roundtable.

The U.S. Chamber of Commerce also supported the agreement, noting that raising the debt ceiling was critical to maintaining economic stability. "Raising the debt ceiling is not a question of supporting new spending, but simply honoring commitments the federal government has already made. Failure to raise the debt ceiling would be catastrophic for our economy and businesses of all sizes," said Neil Bradley, Executive Vice President and Chief Policy Officer for the U.S. Chamber of Commerce.

The National Retail Federation (NRF) also welcomed the agreement, citing the importance of government stability for