Wall Street Leaders Warn of ‘Unthinkable’ Fallout If US Defaults
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Some of Wall Street’s most experienced traders warned of “unthinkable” long-term implications from a US default and argued the debt limit may need to be permanently repealed.
In a letter to Treasury Secretary Janet Yellen, current and former leaders of the Treasury Borrowing Advisory Committee said the costs of the current standoff extend beyond markets to the time that financial firms are having to spend preparing for a possible default.