© 2021 WFAE
90.7 Charlotte 93.7 Southern Pines 90.3 Hickory 106.1 Laurinburg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Executives Of Big Banks Urge Debt Ceiling Deal

The CEOs of Bank of America and Wells Fargo have joined other bank executives in imploring Congress and President Obama to reach a deal on raising the debt ceiling. "Our economic recovery remains very fragile," the bank executives say in this letter. "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 - raising interest rates for everyone who borrows, undermining the value of the Dollar, and roiling stock and bond markets - and, therefore, dramatically worsening our Nation's already difficult economic circumstances."