WASHINGTON (Reuters) - Chief executives from the nation's largest financial firms on Thursday pressured the White House and Congress to reach a deal on the debt ceiling and deficit reduction, saying the consequences of inaction "would be very grave."
JPMorgan's <JPM.N> Jamie Dimon, Goldman Sachs' <GS.N> Lloyd Blankfein and Bank of America's <BAC.N> Brian Moynihan, among others, said in a letter that an agreement needs to be reached this week.
"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets -- and, therefore, dramatically worsening our nation's already difficult economic circumstances," the letter said.
(Reporting by Dave Clarke and Rachelle Younglai; Editing by Derek Caney)
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