WASHINGTON, July 29-The International Franchise Association today announced its support for legislation to raise the federal debt limit, joining a multi-industry coalition urging Members of the U.S. House of Representatives to pass S.627, The Budget Control Act of 2011.  
 

“Congress must raise the debt limit now to ensure the stability of our economy and prevent the credit markets from further volatility amidst an already difficult lending, public policy and regulatory environment for franchise small businesses,” said IFA President & CEO Steve Caldeira. “If Congress allows a default on the obligations of the United States, it will have a dramatically negative impact on our economy and on the confidence of America’s small business owners and job creators.” 
 

A coalition letter signed by 115 business trade associations including the IFA was delivered to House members this week as lawmakers debated how to extend the debt limit and avoid a default on the obligations of the United States.  
 

The Budget Control Act would extend the current debt limit in two phases: the first phase would provide for $1.2 trillion in discretionary spending cuts and an immediate increase of $1 trillion in the debt limit. The bill would allow for a subsequent increase of $1.6 trillion in the debt limit once Congress passes legislation to reduce the deficit by an additional $1.8 trillion. The second stage of spending reduction would be formulated by a bi-partisan Congressional committee and be voted on by the Congress in a “up or down” vote. The bill additionally would require a vote on a balanced budget amendment by the end of the year. 
 

To view a copy of the letter, please 


click here. 



  

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About the International Franchise Association

The International Franchise Association is the world’s oldest and largest organization representing franchising worldwide. Celebrating 50 years of excellence, education and advocacy, IFA protects, enhances and promotes franchising through government relations, public relations and educational programs. Through its awareness campaign highlighting the theme,
Franchising: Building Local Businesses, One Opportunity at a Time,IFA promotes the nearly 18 million jobs and $2.1 trillion of economic activity generated by franchising. IFA members include franchise companies in over 90 different business format categories, individual franchisees and companies that support the industry in marketing, law and business development.