WASHINGTON — The top executives from Goldman Sachs and Bank of America Corp. on Wednesday warned of "serious repercussions" if the U.S. government breaches the debt ceiling without a political solution.

Speaking at a brief press conference at the White House, Bank of America Corp. CEO Brian Moynihan said leaders of some the top U.S. financial institutions spent their meeting with President Barack Obama and Treasury Secretary Jacob Lew discussing the long-term ramifications of a government shutdown and the impact of a default, if the U.S.' debt ceiling is breached on Oct. 17.

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