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."