Top Wall Street CEOs warn Obama, Congress on debt ceiling
The executives, including Lloyd Blankfein of Goldman Sachs Group Inc., Jamie Dimon of JPMorgan Chase & Co., and Brian Moynihan of Bank of America Corp., said the struggling economy would take another serious hit if the $14.3-trillion debt ceiling wasn't raised by Tuesday's deadline and strongly urged the White House and congressional leaders to strike a deal.
"Our economic recovery remains very fragile," they wrote in a letter organized by the Financial Services Forum, a trade organization of top financial CEOs. "A default on our nation’s obligations, or a downgrade of America’s credit rating, would be a tremendous blow to business and investor confidence -– raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets -– and, therefore, dramatically worsening our nation’s already difficult economic circumstances."
The letter is one of many flooding into Washington from organizations and individuals pressing for a resolution to the debt-ceiling crisis. Thursday's letter comes as Wall Street has become increasingly nervous that the U.S. is on the verge of a default or a credit downgrade.
-- Jim Puzzanghera
Photo: JPMorgan Chase CEO Jamie Dimon. Credit: Associated Press