- WASHINGTON: The US could trigger “another catastrophic financial crisis” if Congress fails to raise the debt limit, the chairman of the US Treasury Borrowing Advisory Committee said.
“Any delay in making an interest payment by Treasury even for a very short period of time would put the US Treasury and overall financial markets in uncharted territory, and could trigger another catastrophic financial crisis,” Matthew Zames, managing director of J.P. Morgan and TBAC chairman said in an letter to US Treasury Secretary Timothy Geithner.
The letter was dated April 25.