More than 140 top business executives, including Goldman Sachs Group Inc. Chairman and CEO David Solomon, urged President Joe Biden and top congressional leaders to act swiftly to avert a “potentially disastrous” US debt default.
(Bloomberg) — More than 140 top business executives, including Goldman Sachs Group Inc. Chairman and CEO David Solomon, urged President Joe Biden and top congressional leaders to act swiftly to avert a “potentially disastrous” US debt default.
Stresses on the economy are already surfacing in recent bank failures, the executives warned in an open letter to Biden and congressional leaders including House Speaker Kevin McCarthy. “Much worse will occur if the nation defaults on our debt obligations, which would weaken our position in the world financial system,” they said.
The leaders blamed a partisan standoff in 2011 over the debt limit for a 17% drop in the stock market that followed, they said in the letter, released shortly before Biden and congressional leaders were scheduled to meet for debt talks Tuesday.
The letter was also signed by Pfizer Inc. Chairman and CEO Albert Bourla, Morgan Stanley Chairman and CEO James Gorman, Macy’s Inc. Chairman and CEO Jeff Gennette and Kenneth Jacobs, the chairman and CEO of Lazard Freres & Co.
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