A source close to the situation tells CNN that Jamie Dimon, the CEO of Chase Bank, suggested to centrist House Democrats during a closed-door lunch on Tuesday that the debt ceiling should be abandoned altogether.
Dimon called the debt ceiling an “unmitigated disaster” and pleaded with politicians to change the law to avoid future problems.
Dimon instructed legislators, “Get rid of it.”
The debt ceiling increase was a last-minute deal between Republicans and Democrats in Congress that prevented the government from defaulting on some of its obligations.
Nearly a hundred representatives comprise the New Democrat Coalition (NDC), which positions itself as a moderate party dedicated to innovation, economic growth, and fiscal responsibility.
Annie Kuster (D-NH), chair of the NDC, released a statement saying that the New Dems will advance pragmatic solutions to fiscal issues. They look forward to working with colleagues, left and right, in the name of progress.
Dimon told reporters after the meal that he was glad there was no debt ceiling crisis and was proud of both sides of the aisle, but if he had a say, he would get rid of the debt ceiling.
He said it’s just something the left and right use to torment the opposition. But the consequences might be catastrophic.
The source claims that outside the debt ceiling, Dimon and the House Democrats discussed the banking problem, immigration reform, housing, and the employment of formerly incarcerated individuals.
The CEO of JPMorgan said he supports robust border security but also wants improvements to the immigration system to solve the continuing labor shortage.
In his annual letter to shareholders, Dimon echoed these sentiments, writing that the United States should prioritize “reducing the worker shortages” by expanding merit-based and seasonal immigration.
Federal Reserve Chair Jerome Powell met with the New Democrat Coalition last month and informed them he had several proposals for reworking the debt cap.
