Senators fail to pass the government funding bill on September 27, 2021
* Chase CEO Jamie Dimon said Tuesday the bank is preparing for US credit default
* Government funding will expire unless Democrats resolve internal disputes
* Treasury says default will occur by October 18 unless borrowing limit is raised
* Biden faces two holdout Democrat senators who want cuts to his spending plan
* Dimon says he expects policymakers to find a solution as they have in the past
JPMorgan Chase has begun preparing for the possibility of the United States hitting its debt limit, CEO Jamie Dimon told Reuters on Tuesday, adding he nevertheless expected policymakers to find a solution to avoid that 'potentially catastrophic' event.
With federal funding due to expire on Thursday and a potential debt default by October 18, Democrats who narrowly control the Senate and House are racing to head off fiscal disaster while also passing President Joe Biden's ambitious $3.5 billion spending package.
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Update #1: Dimon says JPMorgan preparing for 'potentially catastrophic' US credit default -- The Hill
Update #2: JPMorgan’s Jamie Dimon cautions a U.S. default would be ‘potentially catastrophic’ -- CNBC/Reuters
WNU Editor: Democrats are now exploring ways to avoid Congressional approval for a raise in the debt ceiling .... Democrats Suggest Giving President, Treasury Power To Raise Debt Limit (Zero Hedge).