WASHINGTON (Source: The Boston Globe By Phil Mattingly and Peter Cook) – Bankers including Goldman Sachs Group chairman and chief executive Lloyd Blankfein and JPMorgan Chase & Co. chief Jamie Dimon called on President Obama and Congress to raise the federal debt limit to steer the US government away from the threat of default.‘The consequences of inaction – for our economy, the already struggling job market, the financial circumstances of American businesses and families, and for America’s global economic leadership – would be very grave,” the executives wrote in the letter sent yesterday by the Financial Services Forum, a Washington-based trade group representing the largest banks.

The House of Representatives was scheduled to vote yesterday on a debt-limit proposal that would face opposition from the Senate’s Democratic majority, setting up a congressional showdown ahead of the Aug. 2 deadline for raising the $14.3 trillion ceiling. Senate majority leader Harry Reid, a Nevada Democrat, has pledged to kill House Speaker John Boehner’s measure if the Ohio Republican’s plan is sent to the Senate.

Source: The Boston Globe By Phil Mattingly and Peter Cook

July 29, 2011

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