Biden to Discuss Consequences of Default With US Banking, Business Leaders

WASHINGTON (Sputnik) – US President Joe Biden has invited bank and business leaders to discuss possible ramifications of not raising the debt limit later in the day amid ongoing confrontation on the issue between Republicans and Democrats in Congress, White House pool said on Wednesday.

The meeting is scheduled for 01:00 p.m. (17:00 GMT) with at least nine business participants, including the CEOs of the Bank of America, JPMorgan Chase, Citi, Intel, and Nasdaq, the pool said.

The Secretary of the Treasury Janet Yellen and Secretary of Commerce Gina Raimondo are also invited to the meeting.

During the meeting, the president is expected to raise his concerns over Republicans’ attempts to block Congress to pass a bill that would raise the debt ceiling and avoid the first default in American history.

Democrats and Republicans have been at loggerheads over a number of high-stakes funding bills making their way through Congress. Last week, Democrats pushed through a funding bill just before midnight which temporarily averted a government shutdown.

Senate Republicans have twice blocked efforts to raise the debt ceiling and prevent a default, however, which Treasury Secretary Janet Yellen said could cause a crisis of “enormous proportions.”