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(FT) US Banks Warn Obama on Soaring Debt

Posted on April 27, 2011 by Kendall Harmon

A group of the largest US banks and fund managers stepped up the pressure on Congress and the Obama administration to reach a deal to increase the country’s debt limit, saying that even a short default could be devastating for the financial markets and economy.

The warning over the debt limit is the strongest yet to come from Wall Street, highlighting growing nervousness among investors about the US political system’s ability to forge a consensus on fiscal policy.

The most pressing budgetary issue confronting Congress and the Obama administration is the need to raise the US debt ceiling, which stands at $14,300 billion.

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Posted in * Culture-Watch, * Economics, Politics, Budget, Credit Markets, Currency Markets, Economy, Euro, European Central Bank, Federal Reserve, Globalization, House of Representatives, Office of the President, Politics in General, President Barack Obama, Senate, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The National Deficit, The U.S. Government, The United States Currency (Dollar etc), Treasury Secretary Timothy Geithner

3 comments on “(FT) US Banks Warn Obama on Soaring Debt”

  1. Old Guy says:
    April 27, 2011 at 11:54 pm

    I have always been, am and probably always will be a Republican, but . . . hard not to smile at the irony of this statement coming from Wall Street.

  2. Ad Orientem says:
    April 27, 2011 at 11:59 pm

    [blockquote] The most pressing budgetary issue confronting Congress and the Obama administration is the need to raise the US debt ceiling, which stands at $14,300 billion.[/blockquote]
    I wish. They need to swap the “b” for a “t” and add several more zeros.

  3. JustOneVoice says:
    April 28, 2011 at 1:28 am

    $14,300 billion = $14.3 Trillion = $14,300,000,000,000