Warn of 'Catastrophic' Default
Lawmakers shouldn’t risk a default on U.S. debt because the impact would be devastating and the full extent of the damage isn’t knowable in advance, said the heads of JPMorgan Chase & Co. and Deutsche Bank AG.
“The United States cannot default and, in my opinion, will not default,” JPMorgan Chief Executive Officer Jamie Dimon said Saturday during a panel discussion at a financial industry conference in Washington. “It would ripple through the global economy in a way you couldn’t possibly understand.”
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