President Biden will meet Wednesday with financial and corporate leaders at the White House to highlight the potential damage to the U.S. economy from a debt default as lawmakers continue brinkmanship over the debt limit, according to a White House official.
Several chief executive officers are expected to attend including Citigroup’s Jane Fraser, Bank of America’s Brian Moynihan and JPMorgan Chase’s Jamie Dimon, as is Adena Friedman, president and CEO of Nasdaq.
Greg Hayes, CEO of Raytheon Technologies; Charlie Oppler, president of the National Association of Realtors; Jo Ann Jenkins, CEO of the AARP; Punit Renjen, global CEO of Deloitte; and Pat Gelsinger, CEO of Intel, were also invited.
The official said the president will stress that any delay on raising the debt ceiling increases the risk of default, which would result in higher interest rates on home loans, car loans and credit cards.
Treasury Secretary Janet Yellen will also attend the meeting. She has said the country will meet its limit on sovereign debt on Oct. 18, meaning lawmakers have less than two weeks to solve the problem.
Senate Majority Leader Chuck Schumer will force a vote Wednesday — his third try in nine days — on whether to take up a measure suspending the nation’s debt ceiling until December 2022. Republicans, as they did the last two times, have promised to block him.
