Top Bankers Urge Obama, Congress to Reach Deal

July 28, 2011 - 2:28 PM

NEW YORK (AP) — The chief executives of the nation's largest financial institutions sent a letter to The White House and to members of the U.S. Congress, urging them come to an agreement this week to raise the nation's borrowing limit.

A deal must be made by Aug. 2 to avoid a default by the U.S. on its debt obligations.

Bank of America Corp.'s Brian Moynihan, JPMorgan Chase & Co.'s Jamie Dimon, and Goldman Sachs Group Inc.'s Lloyd Blankfein and others warned on Thursday that the consequences on not acting would be grave for the economy, the job market, and for America's global economic leadership.

"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence," the letter said.