9/29/2021- 9:37 a.m.
JPMorgan plans for “POTENTIALLY CATASTROPHIC” US debt limit event (Reuters)
The US’ largest lender, JPMorgan, has begun preparations for what its CEO Jamie Dimon says could become another economic recession if the country reaches its debt limit, as fears of default gather pace.
“We should never even get this close. I just think this whole thing is mistaken and one day we should just have a bipartisan bill and get rid of the debt ceiling. It’s all politics,” Dimon told Reuters.
While Congress squabbles over raising or suspending the debt limit – which has happened over 80 times since 1960 – the Democrats have said they will try to pass a government funding bill on by Thursday.
