Biden calls on top CEOs and bank executives including JP Morgan’s Jamie Dimon and Bank of America’s Brian Moynihan to warn of dire consequences if debt ceiling is not raised
- President Joe Biden will meet some of the nation’s top CEOs and bank executives on Wednesday
- It is a move to put more pressure on Senate minority leader Mitch McConnell to stem the current deadlock over the debt ceiling
- Biden has invited bank leaders including Jamie Dimon of JPMorgan Chase, Jane Fraser of Citi and Brian Moynihan of Bank of America.
- Biden and Senate Democrats attempt to evade Republican filibuster threat and pass the same bill that passed the House last week
- They have until October 18 to pass something before the US falls off a financial cliff
President Joe Biden will meet with some of the country’s top CEOs on Wednesday to put more pressure on Senate Minority Leader Mitch McConnell to stem the current deadlock over the debt ceiling.
Biden has invited bank leaders, including Jamie Dimon of JPMorgan Chase, Jane Fraser of Citi and Brian Moynihan of Bank of America, to the afternoon meeting with Treasury Secretray Janet Yellen, adviser Cedric Richmond and Secretary of Commerce Gina Raimondo.
Biden and Senate Democrats are trying to evade a Republican filibuster threat and pass the same bill that passed the House last week, suspending the debt ceiling until December 2022, after the midterm elections.
President Joe Biden will meet with bank executives on Wednesday to put pressure on Senate minority leader Mitch McConnell to stem the current deadlock over the debt ceiling. Tuesday night, he said it was a “real possibility” that Democrats cut the filibuster on debt ceiling bills
• Jane Fraser, CEO, Citi
• Greg Hayes, CEO, Raytheon
• Charlie Oppler, President, National Association of REALTORS
• Jo Ann Jenkins, CEO, AARP
• Adena Friedman, President and CEO, Nasdaq
• Punit Renjen, Global CEO, Deloitte LLP
• Jamie Dimon, CEO, JPMorgan Chase
• Pat Gelsinger, CEO, Intel
• Brian Moynihan, CEO, Bank of America
They have until October 18 to pass something before the US falls off a financial cliff.
The president also hosts Raytheon CEO Greg Hayes, the president of the National Association of REALTORS Charlie Oppler, AARP’s CEO Jo Ann Jenkins, the president and CEO of Nasdaq Adena Friedman, Deloitte’s global CEO Punit Renjen and Intel’s CEO Pat Gelsinger, the White Home told DailyMail.com.
Jenkins will likely warn about the cost to seniors if Americans start missing out on Social Security payments.
The meeting will be held both in person and virtually, the White House said.
“These executives represent some of America’s best-known companies and industries, and they understand firsthand that a default would be economically devastating – jeopardizing millions of jobs and plunging our country into recession, causing lasting damage to the economic strength of our country. America by threatening the dollar’s status as the currency the world relies on and lowering US creditworthiness,” a White House official said during a preview of the meeting.
So far, Biden has not tried to use big business to take on Republicans.
McConnell has remained resistant all week, saying Democrats must pass a debt bill with only Democratic votes, using the more complex process of reconciliation.
Biden and Democrats have fired back that the reconciliation process is taking too long and too risky.
Instead of going that route, Senate Democrats are now thinking of destroying the filibuster on debt-ceiling bills.
“Oh, I think that’s a real possibility,” Biden told reporters about the plan when he returned from his trip to Michigan on Tuesday night.
Biden said earlier Tuesday, when he left Lansing, Michigan, that he planned to talk to McConnell, though he didn’t say when.
Republican mood swings, Sens. Mitt Romney and Susan Collins, have already said they will not go down the aisle to help Democrats.
Deputy Press Secretary Karine Jean-Pierre said on Air Force One Tuesday that the White House had not come up with a specific date or deadline for when they would force Democrats to shift gears and pursue an appeasement bill to prevent an economic catastrophe.
“I don’t have a date for you right now,” she told DailyMail.com.
“We’re just staying very, very clear,” she said. “As the president said yesterday, you know, we need to step back and see how this has been done 80 times, that it was a two-pronged fashion…three times during the Trump administration.”
“And we can’t play political football now. We cannot play politics. We have to do this for the American people, and that’s the most important thing,” Jean-Pierre added.