Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. More from Reuters. Sign up for our newsletter Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up. The unthinkable is finally becoming reality for U. While companies generally expect Washington to resolve the debt-ceiling impasse at the last moment, they are lining up extra sources of financing, and carefully husbanding cash just in case a deal falls through.
All the uncertainty comes just as businesses were starting to spend some of their record piles of cash. Many companies, chastened by the turmoil in short-term credit markets after the collapse of Lehman Brothers Holdings Inc.
The prospect of trouble in the all-important market for Treasurys is only adding to their worries. Chief Financial Officer Keith Sherin said in an interview last week. GE isn't alone. Companies from Ford Motor Co. What's more, some of the short-term debt fixes could extend the uncertainty into the election year. In a recent survey by the Association of Financial Professionals, which represents treasury and finance executives, half of the respondents said failure to reach an agreement by the Aug.
Half of the respondents planned to take defensive actions, such as a freeze on hiring, reducing capital spending and drawing on credit lines to build cash, the AFP said. Dow Jones. To Read the Full Story. Subscribe Sign In. Continue reading your article with a WSJ membership. Resume Subscription We are delighted that you'd like to resume your subscription.
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