More than a dozen Wall Street bank chiefs warned President Obama at the White House that the financial system would suffer if the shutdown and debt limit aren’t resolved.
“We shouldn’t use the threat of causing the U.S. to fail on its obligations to repay its debt as a cudgel,” said Lloyd Blankfein of Goldman Sachs after the meeting.
Congress has been unable to come to a deal to fund the federal government, which shut down Tuesday. Even more pressing to bank chiefs and investors, Congress has until Oct. 17 before the Treasury exceeds its borrowing capacity, which means the U.S. will no longer be able to pay all its bills in full.
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