Bank CEOs have sent a letter to congress and President Obama urging them to get a debt-deal done, and fast, according to Bloomberg TV.The letter said that the “consequences of inaction… would be very grave.”
Goldman Sachs CEO Lloyd Blankfein; Morgan Stanley’s James Gorman; JP Morgan’s Jamie Dimon; Citi’s Vikram Pandit; BofA CEO Brian Moynihan; as well as other Wall Street heads, have signed the letter, as have other bank CEOs.
The letter told members of congress that Wall Street needs a deal now, not next week.
The economy is fragile, they say. They want a resolution to the impasse this week.
We write to you today to urge you to act this week to reach an agreement that will ensure that our Nation continues to meet all of its financial obligations, and that will entail meaningful and concrete steps to put our Nation on a sound fiscal footing. The consequences of inaction – for our economy, the already struggling job market, the financial circumstances of American businesses and families, and for America’s global economic leadership – would be very grave.
Our economic recovery remains very fragile. 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.
We strongly urge you to reach an agreement this week.