Wall Street executives who have advised the U.S. Treasury's debt operations for the past 25 years warned on Tuesday they are 'deeply concerned' about the debt limit impasse that has markets worried about a U.S. default on payment obligations.
The United States Department of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo
The 18 current and former chairs and vice chairs of the Treasury Borrowing Advisory Committee since 1998to Treasury Secretary Janet Yellen, "Any delay in making an interest or principal payment by Treasury would be an event of seismic proportions, not only for financial markets but also the real economy."
"There will be a direct impact on any issuer whose credit relies on backing from the U.S. government," such as mortgage entities Fannie Mae and Freddie Mac, municipal issuers or Amtrak and the Tennessee Valley Authority. "A U.S. government downgrade or default would surge broadly throughout the real economy."
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