WASHINGTON (AP) — America's most influential business lobby says American businesses are facing numerous risks and few upsides as they enter 2016.

Thomas Donohue is president and CEO of the United States Chamber of Commerce. Donohue says companies face regulatory overreach, the threat of terrorism and war overseas, and cyber theft. Still, he's not predicting a recession.

Donohue says the presidential primaries are also a concern. On the Democratic side, he says, candidates are calling for more spending and taxes. On the Republican side, he says, "sometimes loud voices" are walling off the U.S. from talent, and attacking whole groups of people based on their ethnicity. He calls it "morally wrong and politically stupid."

Donohue's comments came during an annual address at the business group's headquarters.