Share to Twitter Share to Linkedin Topline Leaders of some of the biggest financial businesses in the U.S. issued dire warnings during a meeting with President Joe Biden on Wednesday about the impact of the country potentially defaulting on its debts, urging Congress to immediately take action to raise the debt ceiling as Republicans and Democrats remain deadlocked on how to move forward. Key Facts During a Q&A with Biden at the White House, JPMorgan Chase CEO Jamie Dimon said failure to raise the debt ceiling, which would cause the U.S. to default on its debt payments, would at best lead to an American recession but could amount "to a complete catastrophe for the global economy." Dimon added he believes the debt ceiling amounts to a morality issue, saying the U.S. failing to make payments it agreed to make projects a bad image to the American public. Jane Fraser , CEO of Citigroup, said the congressional standoff amounts to "simply playing with fire," adding that "even small distortions" to the Treasury market can end up costing taxpayers tens of billions of dollars in the long term. Nasdaq head Adena Friedman said even a day or two of default would lead… Read full this story
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Top Business Leaders Plea For Debt Ceiling Raise Ahead Of ‘Complete Catastrophe’ have 323 words, post on www.forbes.com at October 6, 2021. This is cached page on Goose Art. If you want remove this page, please contact us.