In a letter given to the Nasdaq and the NYSE, Schultz wrote: “I’m asking that all of us forgo political contributions until the Congress and the President return to Washington and deliver a fiscally, disciplined long term debt and deficit plan to the American people,”
Schultz’s own political donations have been largely given to the Democratic Party. Out of a total $183,650 in donations, only $1,000 went to Republican candidates.
Schultz also told CNNMoney yesterday, “All it seems people are interested in is re-election. And that re-election — the lifeblood of it is fundraising.” He is unhappy with the current political culture that has “chosen to put partisan and ideological purity over the well being of the people.”
Schultz said his breaking point was raising the debt ceiling — and Washington’s failure to reach a long-term solution to lowering deficits.
“[Lawmakers] have stirred up fears about our economic prospects without doing anything to truly address those fears,” Schultz wrote to his fellow CEOs.
“It means reaching a deal on debt, revenue, and spending long before the deadline arrives this fall,” the letter said. “It means considering all options, from entitlement programs to taxes.”