Jamie Dimon Urges Action to Prevent Catastrophic US Debt Default and End Banking Industry Turmoil.

JPMorgan Chase CEO Jamie Dimon has warned that a potential US debt default is "potentially catastrophic" and the bank is convening weekly meetings to discuss the implications. The United States faces a "significant risk" of defaulting on payment obligations within the first two weeks of June without a debt ceiling increase. Negotiations between White House officials and the staffs of congressional Republicans and Democrats are continuing, but a Friday debt limit meeting between President Joe Biden and top lawmakers was postponed until next week. The looming default deadline has already sent jitters through financial markets and sentiment among US consumers is tumbling.