<p>Veteran <a href="http://dailywire.com/topic/banks" target="_blank" rel="noopener">bank</a> executives are meeting with senior lawmakers and federal officials as the government comes within two weeks of a potential <a href="http://dailywire.com/topic/national-debt" target="_blank" rel="noopener">debt</a> default.</p>
<p>The <a href="http://dailywire.com/topic/debt-ceiling" target="_blank" rel="noopener">debt ceiling</a>, a statute established by <a href="http://dailywire.com/topic/congress" target="_blank" rel="noopener">Congress</a> that prevents the government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the threshold earlier this year. Treasury Secretary <a href="http://dailywire.com/topic/janet-yellen" target="_blank" rel="noopener">Janet Yellen</a> said in a <a href="https://home.treasury.gov/news/press-releases/jy1483" target="_blank" rel="noopener">letter</a> that her agency expects to default on obligations as early as the first day of June unless the debt limit is amended.</p>
<p>Senate Majority Leader <a href="http://dailywire.com/topic/chuck-schumer" target="_blank" rel="noopener">Chuck Schumer</a> (D-NY) hosted a meeting with JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser on Wednesday morning, according to a <a href="https://www.bloomberg.com/news/articles/2023-05-17/dimon-fraser-other-bank-ceos-to-meet-schumer-on-debt-limit#xj4y7vzkg" target="_blank" rel="noopener">report</a> from Bloomberg. Dimon informed the outlet that his financial institution created a “war room” that will monitor contingencies should lawmakers fail to make a deal to increase the debt limit.</p>
<p>“I asked them to make sure that they tell everybody that default should not be an option,” Schumer told journalists after the meeting with Dimon and Fraser, according to a <a href="https://www.cnn.com/2023/05/17/business/bank-ceos-schumer-debt-ceiling/index.html" target="_blank" rel="noopener">report</a> from CNN. An unnamed source told the outlet that the conversation between Schumer and the executives was “frank,” noting that the lawmaker prompted them to ask every member of Congress to explicitly commit themselves to avoid a default.</p>
<p>A default would likely induce a recession as the federal government, a major borrower of funds that investors around the world generally consider to be reliable, neglects to repay obligations.</p>
<p>The national debt, which now surpasses $31.7 trillion, nevertheless offers persistent financial risk and functions as a damper on long-term economic growth. Elevated interest rates on the national debt have <a href="https://www.dailywire.com/news/interest-payments-on-the-national-debt-on-pace-to-surpass-military-spending" target="_blank" rel="noopener">weighed</a> on the budget in recent months as lawmakers are forced to allocate more tax revenue toward servicing the obligations rather than funding federal programs.</p>
<p>The executives are currently in the nation’s capital for an annual Bank Policy Institute summit. Yellen is scheduled to meet with the two executives, as well as Bank of America CEO Brian Moynihan, on Thursday afternoon.</p>
<p>The meeting with Schumer comes one day after President Joe Biden and House Speaker Kevin McCarthy (R-CA) held talks to <a href="https://www.dailywire.com/news/biden-and-mccarthy-make-progress-after-latest-debt-ceiling-talks" target="_blank" rel="noopener">discuss</a> possible mechanisms to raise the debt limit. Republicans desire to link a temporary increase in the debt ceiling with spending limits, while Democrats say they prefer separate processes for debt limit negotiations and budget reforms.</p>
<p><b data-stringify-type="bold"><a class="c-link c-link--focus-visible" href="https://onelink.to/dwapp" target="_blank" rel="noopener noreferrer" data-stringify-link="https://onelink.to/dwapp" data-sk="tooltip_parent" aria-describedby="sk-tooltip-45886">CLICK HERE TO GET THE DAILY WIRE APP</a></b></p>
<p>The White House said in a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/16/readout-of-president-bidens-meeting-with-congressional-leadership-on-preventing-default/" target="_blank" rel="noopener">readout</a> that the meeting was “productive and direct,” while McCarthy said in his own <a href="https://www.speaker.gov/speaker-mccarthys-reaction-to-todays-meeting-with-the-president/" target="_blank" rel="noopener">remarks</a> that “it is possible to get a deal by the end of the week.”</p>
<p>Schumer, Dimon, and Fraser also discussed the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank, the latter of which JPMorgan Chase <a href="https://www.dailywire.com/news/jpmorgan-chase-the-nations-largest-bank-acquires-first-republic-bank-after-government-takeover" target="_blank" rel="noopener">acquired</a> in a deal brokered by federal regulators. Dimon insisted to reporters that “regional banks are strong.”</p>
<p>The implosion of the three medium-sized banks, where the vast majority of account balances exceeded the $250,000 threshold guaranteed by the Federal Deposit Insurance Corporation, prompted the government-backed company to <a href="https://www.dailywire.com/news/financial-authorities-announce-buyer-for-collapsed-silicon-valley-bank" target="_blank" rel="noopener">secure</a> insured and uninsured accounts at the first two financial institutions in early March to prevent further bank runs. Other regional banks, such as PacWest and Western Alliance, have witnessed significant <a href="https://www.dailywire.com/news/regional-bank-stock-plummets-after-company-reveals-deposits-dropped-again" target="_blank" rel="noopener">turmoil</a> in the stock market and increased withdrawal levels in recent weeks.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Major Bank Sets Up ‘War Room’ As Nation Approaches Debt Default

CONTINUE READING

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Bank of America

Banks

Chuck Schumer

Citigroup

Debt Ceiling

Economy

Janet Yellen

JP Morgan

National Debt

Politics

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Major Bank Sets Up ‘War Room’ As Nation Approaches Debt Default