WASHINGTON (CNNMoney) -- Big business has publicly jumped into the debt ceiling debate, warning lawmakers of dire consequences if they wait too long to raise the legal cap on government borrowing.
"We strongly agree that the failure to increase the statutory debt limit in a timely fashion could have a significant and long-lasting negative impact on the U.S. economy," according to a letter delivered to Congress on Wednesday by more than 50 business groups.
In addition, the groups said they are also "extremely concerned" about federal debt and large annual budget deficits.
The letter stops short of prescribing how Congress should raise the debt ceiling -- either as a stand-alone measure or as part of a budget-cutting package.
The clock is ticking: The current $14.294 trillion cap on the debt will need to be raised by early August at the latest.
According to the most recent public figures, the debt was just $14 billion shy of the cap.
Republicans in Congress don't want to raise the amount that the nation can borrow unless they can tie such bigger borrowing to other drastic budget cuts.
Until Wednesday, the financial community hadn't applied strong public on the issue.
"With economic growth slowly picking up, we cannot afford to jeopardize that growth with the massive spike in borrowing costs that would result if we defaulted on our obligations," the letter stated. "It is critically important that the United States stands fully behind its legal obligations."
Some of the most powerful business lobbying groups in Washington signed on to the petition.
Among them: The American Gas Association, the Business Roundtable, Financial Services Forum, National Association of Manufacturers, Financial Services Roundtable and the U.S. Chamber of Commerce.
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