Biden summons bank CEOs, other business leaders as debt ceiling showdown with GOP escalates
Source: Washington Post
Economic Policy
Biden summons bank CEOs, other business leaders as debt ceiling showdown with GOP escalates
The White House has warned of dire economic consequences if the borrowing limit isn’t increased
By Jeff Stein
Today at 5:30 a.m. EDT
President Biden has invited the leaders of some of the nation’s biggest banks to the White House for a meeting Wednesday to discuss what administration officials say would be the devastating consequences of failing to lift the debt ceiling, three people familiar with the plans said.
Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon are expected to attend, as are other leaders of large financial institutions, the people said. The meeting is intended to underscore the financial danger of defaulting on the U.S. debt.
Also expected in attendance — either virtually or in person — are Treasury Secretary Janet L. Yellen, Commerce Secretary Gina Raimondo and White House senior adviser Cedric L. Richmond. Chief executives of Citibank, the Nasdaq Composite index, Intel and AARP are also expected to participate, the people said.
[Senior Biden aides privately explored whether payments could continue even if U.S. breached debt ceiling]
https://www.washingtonpost.com/us-policy/2021/10/01/white-house-debt-ceiling/
The event comes as the Biden administration seeks to amplify pressure on Senate Minority Leader Mitch McConnell (R-Ky.) to back off his refusal to help Democrats suspend the debt ceiling. The Treasury Department has said it will run out of flexibility to pay all the nation’s obligations on Oct. 18, which economists warn could trigger a global economic calamity. McConnell has demanded that Democrats resolve the matter on their own through the budget procedure known as reconciliation — an approach Democrats have largely ruled out.
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By Jeff Stein
Jeff Stein is the White House economics reporter for The Washington Post. He was a crime reporter for the Syracuse Post-Standard and, in 2014, founded the local news nonprofit the Ithaca Voice in Upstate New York. He was also a reporter for Vox. Twitter https://twitter.com/jstein_wapo
Read more: https://www.washingtonpost.com/us-policy/2021/10/06/white-house-debt-ceiling/
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