Joe Biden summons top CEOs and bank executives for debt ceiling meeting

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The Biden administration stepped up its push to get Congress to lift the debt restrict on Wednesday, because the Pentagon warned that default may set off a nationwide safety disaster and the president stated it risked tanking the market and wiping out retirement financial savings. 




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‘It’s about paying for what we owe, and stopping catastrophic occasions,’ President Joe Biden instructed among the nation’s top chief executives, likening the affect to a ‘meteor heading our method.’



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He spoke quickly after Secretary of Defense Lloyd Austin issued his personal warning.  

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‘If the United States defaults, it might undermine the financial energy on which our nationwide safety rests,’ he stated.



‘It would additionally significantly hurt our service members and their households as a result of, as Secretary, I might haven’t any authority or skill to make sure that our service members, civilians, or contractors can be paid in full or on time.

The strikes come because the White tries to strain Senate Minority Leader Mitch McConnell to cave within the present debt ceiling stand-off. 

Treasury Secretary Janet Yellen has repeatedly warned that the U.S. faces recession if it doesn’t discover a resolution by Oct. 18.

But Republicans say Democrats should go it alone in the event that they wish to improve the $28.4 trillion ceiling and fund Biden’s big spending plans. 

That introduced an accusation from Biden that his opponents have been taking part in Russian roulette with the economic system as he tried to spell out the actual world results of a default.

“Defaulting on the debt, which Secretary Yellen stated may occur on any day after October the 18th, implies that social safety advantages will cease,’ he stated. 

‘Salaries to service members will cease. Benefits to veterans will cease, and rather more. 

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‘A failure to lift the debt restrict will undermine the security of the United States’ Treasury securities, threaten reserve standing of the greenback as a world foreign money that the world depends on, downgrade America’s credit score standing and lead to an increase in rates of interest for households speaking about mortgages, auto loans, bank cards.’ 

MEETING PARTICIPANTS 

• Jane Fraser, CEO, Citi

• Greg Hayes, CEO, Raytheon

• Charlie Oppler, President, National Association of REALTORS

• Jo Ann Jenkins, CEO, AARP

• Adena Friedman, President and CEO, Nasdaq

• Punit Renjen, Global CEO, Deloitte LLP

• Jamie Dimon, CEO, JPMorgan Chase

• Pat Gelsinger, CEO, Intel

• Brian Moynihan, CEO, Bank of America  

Biden met with bank leaders together with JPMorgan Chase’s Jamie Dimon, Citi’s Jane Fraser and Bank of America’s Brian Moynihan together with Yellen, adviser Cedric Richmond and Commerce Secretary Gina Raimondo. 

Biden and Senate Democrats try to get round a Republican filibuster menace and move the identical invoice that received by way of the House final week, which suspends the debt ceiling till December 2022, after the midterm elections. 

They have till October 18 to move one thing, earlier than the U.S. falls off a monetary cliff. 

Ahead of the meeting, the White House warned that failure to extend the ceiling may set off a world monetary disaster.

‘A default would ship shock waves by way of international monetary markets and would probably trigger credit score markets worldwide to freeze up and inventory markets to plunge,’ the White House Council of Economic Advisers stated in a brand new report. 

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‘Employers all over the world would probably have to start shedding staff.’

The president can also be internet hosting Raytheon CEO Greg Hayes, the president of the National Association of REALTORS Charlie Oppler, AARP’s CEO Jo Ann Jenkins, the President and CEO of Nasdaq Adena Friedman,  Deloitte’s international CEO Punit Renjen and Intel’s CEO Pat Gelsinger, the White House instructed DailyMail.com.

Jenkins will probably warn about the price to seniors if Americans start lacking Social Security funds.  

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The meeting will likely be held each in-person and just about, the White House stated. 

‘These executives characterize a few of America’s best-known corporations and industries, and they perceive firsthand {that a} default can be economically devastating – risking tens of millions of jobs and throwing our nation into recession, and inflicting lasting hurt to America’s financial energy by threatening the greenback’s standing because the foreign money the world depends on and downgrading the U.S.’s credit standing,’ a White House official stated, previewing the meeting. 

Until now, Biden hasn’t tried to make use of massive business to go up in opposition to Republicans. 

All week, McConnell has remained resistant, saying Democrats must move a debt invoice utilizing solely Democratic votes, utilizing the extra complicated strategy of reconciliation. 

Biden and Democrats have shot again that the reconciliation course of takes too lengthy and can also be too dangerous.  

Instead of going that route, Senate Democrats at the moment are pondering about nuking the filibuster for payments coping with the debt ceiling. 

‘Oh I feel that is an actual chance,’ Biden instructed reporters about the plan as he returned from his journey to Michigan Tuesday night.    

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Biden stated earlier Tuesday, as he departed Lansing, Michigan, that he deliberate to speak to McConnell – although he did not say when. 

JPMorgan Chase CEO Jamie Dimon

Bank of America CEO Brian Moynihan

JPMorgan Chase CEO Jamie Dimon (left) and Bank of America CEO Brian Moynihan (proper) are among the many business leaders meeting Wednesday with Biden 

Republican swing votes, Sens. Mitt Romney and Susan Collins, have already stated they will not cross the aisle to help Democrats. 

Deputy press secretary Karine Jean-Pierre stated on Air Force One Tuesday that the White House did not have a particular date or deadline found out for after they’d push Democrats to modify gears and pursue a reconciliation invoice as a way to keep away from an financial disaster. 

‘I haven’t got a date for you at the moment,’ she instructed DailyMail.com. 

‘We’re simply going to proceed to be very, very clear,’ she stated. ‘Like the president stated yesterday, you already know, we have now to take a step again and have a look at how this has been finished 80 instances, that it has been a bipartisan trend … 3 times through the Trump administration.’ 

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‘And we will not play political soccer proper now. We cannot play politics. We should get this finished for the American folks, and that’s an important factor,’ Jean-Pierre added. 

McConnell and Republicans are unlikely to be satisfied by the CEOs as there’s nonetheless a rift between the occasion and among the corporations. 

Intel was among the many businesses that stated it would not give money to any Republican who voted in opposition to the certification of the 2020 election. 

Nasdaq’s PAC paused donations to Republicans for a number of months. 

And Citi and JPMorgan Chase paused all political contributions after the January 6 Capitol assault.  



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