Amazon CEO Andy Jassy says he is involved about Congress not elevating debt ceiling

Amazon CEO Andy Jassy urged Congress on Tuesday to boost the nation’s debt ceiling, warning {that a} failure to deal with the problem might lead to successful to client confidence.

“If you happen to take a look at our debt commitments, and also you take a look at the place the debt ceiling is, it is a bit regarding,” Jassy advised “TechCheck” co-host Jon Fortt in an interview that aired Tuesday morning.

“I believe it is scary for client confidence and for confidence in U.S. companies and potential credit score scores if we do not be sure that we elevate that debt ceiling,” Jassy added.

The debt ceiling is a cap set by Congress on how a lot the federal government can borrow so as to pay its money owed. As soon as the ceiling is reached, lawmakers should elevate or droop the ceiling earlier than the Treasury Division can subject extra debt.

A two-year suspension of the debt ceiling that was handed in 2019 expired on the finish of July. In August, the Treasury Division invoked “extraordinary measures” to preserve money.

Treasury Secretary Janet Yellen final week warned the U.S. has till some level in October earlier than the division exhausts its prolonged efforts to stop what could be a historic default on U.S. debt.

Congress is predicted to deal with the problem this week after getting back from its August recess.

“I do know that is going to be debated in Washington, however I hope we handle it prior to later in Congress,” Jassy mentioned.

The debt ceiling subject comes after the U.S. authorities has “needed to spend at unprecedented ranges to maintain our residents secure” amid the coronavirus pandemic, Jassy mentioned.

Submit-pandemic world

Jassy acknowledged that Amazon took on a better function for a lot of Individuals throughout Covid-19 lockdowns. Executives at Amazon realized that “no matter function Amazon performs on the earth” was going to be heightened by the pandemic, as many bodily shops remained shuttered, Jassy mentioned.

“We really feel like we skilled in all probability two to a few years of progress in 18 months,” Jassy mentioned. “You could not in all probability responsibly plan for a pandemic or the quantity of capability that is wanted.”

Jassy mentioned he expects e-commerce to proceed to say a rising share of total retail gross sales.

Amazon and different tech giants have been among the many first corporations to require their staff to start working from residence in early 2020. The evolving nature of the pandemic has made it arduous to foretell when to start out bringing staff again to the workplace, Jassy mentioned.

Amazon final month pushed again its return-to-work plans to January 2022, whereas different corporations, akin to Microsoft, have indefinitely postponed their workplace reopenings.

Which staff will return to the workplace depends on job function and performance, Jassy mentioned. For instance, whereas engineers could also be higher suited to work successfully on their very own, some jobs require collaboration, he mentioned.

“We’ve got the idea that we’ll have lots of people within the workplaces,” Jassy mentioned. “And as I mentioned, I do not know if it’s going to be every single day. I believe individuals can be in a significant quantity over time as they get extra snug coming again to work.”

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