JPMorgan Chase CEO Jamie Dimon on Thursday urged Congress to raise the debt ceiling, warning a default has 'catastrophic' implications for the economy.
O'Leary Ventures chairman Kevin O'Leary and Rep. French Hill, R-Ark., join 'The Evening Edit' to discuss the ramifications of lifting Title 42 and the ongoing debt ceiling negotiations.warned on Thursday of disastrous implications for the economy if Congress fails to raise the debt ceiling and the U.S. defaults on its financial obligations.
"The closer you get to it, you will have panic," he said. "Markets will get volatile, maybe the stock market will go down, the Treasury markets will have their own problems." Still, Dimon said that JPMorgan – the largest U.S. bank, with $3.7 trillion in assets – is preparing for the risk of a default, convening weekly "war room" meetings. Beginning May 21, the gatherings will be held daily, and eventually take place three times a day as the deadline gets closer.
He urged politicians from both sides of the political aisle to come together and strike an agreement.Senate Minority Leader Mitch McConnell, House Speaker Kevin McCarthy, President Biden and Senate Majority Leader Chuck Schumer meet in the Oval Office of the White House May 9, 2023. Dimon's warning comes amid a prolonged standoff over the debt limit. Republicans, who control the House, have promised to raise the borrowing limit only in exchange for deep spending cuts. In turn,
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