In a letter to today's Telegraph, high-profile business figures say that decisive action will lead to a 'healthier and more stable economy'.
The business leaders - including Simon Wolfson, chief executive of Next - said that the risks of delay would result in almost £100bn of additional debt.
Rather than undermining the recovery, Osborne's plans will improve business and consumer confidence, leaving the private sector "more than capable of creating additional jobs".
Writing in today's Telegraph, the business leaders say:
"Everyone knows that when you have a debt problem, delaying the necessary action will make it worse not better.
"The cost of delay is enormous, and would result in almost £100 billion of additional national debt by the end of this Parliament alone.
"In the end the result of delay would be deeper cuts, or further tax rises, in order to pay for the extra debt interest. The cost of delay could be even greater than this.
"As recent events in some European countries have demonstrated, if the markets lose faith in the UK, interest rates will rise for all of us."