Fun

Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan

News Feed - 2023-02-08 10:02:30

Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan


Bank of America is preparing for a possible U.S. debt default, says CEO Brian Moynihan. He is not a fan of eliminating the debt ceiling altogether as some lawmakers have proposed. Meanwhile, Treasury Secretary Janet Yellen says “every responsible member of Congress must agree to raise the debt ceiling.” Bank of America CEO Brian Moynihan on Possible US Debt Default


The CEO of Bank of America, Brian Moynihan, talked about the prospect of the U.S. defaulting on its debt in an interview with CNN Monday as Congress is in conflict over raising the debt ceiling again.


While emphasizing that he hopes lawmakers resolve their issues, the Bank of America executive warned that defaulting on the country’s debt remains a possibility that cannot be ignored. He was quoted as saying: We have to be prepared for that, not only in this country but in other countries around the world … You hope it doesn’t happen, but hope is not a strategy — so you prepare for it.


A number of lawmakers have proposed legislation that would eliminate the U.S. debt ceiling altogether. Moynihan is not a fan of the idea. When asked about whether the U.S. should eliminate its debt ceiling, the Bank of America boss said: “There’s got to be an argument about how we make sure we live within our means as a country … I think we should leave it alone and make sure it operates correctly.”


However, he conceded that the U.S. government had to take on “a lot of debt over the past couple of years to overcome the pandemic drag on the economy.” Moynihan added that Bank of America is still predicting a “mild recession” at some point in the future. Janet Yellen Urges Congress to Raise US Debt Ceiling


Treasury Secretary Janet Yellen warned Monday that the U.S. government risks “economic and financial catastrophe” if Congress fails to pass a bill to raise the $31.4 trillion debt ceiling. She said in an interview with ABC Monday: America has paid all of its bills on time since 1789, and not to do so would produce an economic and financial catastrophe … And every responsible member of Congress must agree to raise the debt ceiling.


The treasury secretary believes that the U.S. economy is not going to fall into a recession. “Last month, we created over 500,000 jobs, more than 12 million since the president took office, and inflation is coming down,” she said. Tags in this story Bank of America, BOA, Bofa, Brian Moynihan, Brian Moynihan debt default, Janet Yellen, raising debt ceiling, US debt default, US default


What do you think about the statements by Bank of America CEO Brian Moynihan and Treasury Secretary Janet Yellen’s debt ceiling warning? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Nouriel "Dr. Doom" Roubini Warns About Demise of US Dollar ECONOMICS | 1 hour ago US Dollar to Keep Losing Its Appeal as Safe-Haven Currency of Last Resort, Says Strategist ECONOMICS | 5 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleInvestment Manager Predicts Gold Could Hit $3,000 This Year Next articleUS Dollar to Keep Losing Its Appeal as Safe-Haven Currency of Last Resort, Says Strategist Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher

News Feed

Helen Partz10 hours agoJPMorgan subsidiary Chase UK to restrict crypto transactionsChase Bank customers in the United Kingdom will no longer be able to make crypto transactions starting Oct. 16.1627 Total views6 Total sh
Ethereum Surges Past $2,600: Popular Trader Says ETH Is Leaping Ahead Of Bitcoin
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling
Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling A report published February 7 and authored in part by Blockstream researcher Ch
Dogecoin Poised For $0.1491 Breakout As RSI Reveals Bullish Potential
Este artículo también está disponible en español. Dogecoin is showing strong signs of a potential breakout, with technical indicators aligning for a possible move toward
William Suberg14 hours agoBTC price breakout by end of August? 5 things to know in Bitcoin this weekBitcoin stays frustratingly quiet after the weekly close, but BTC price forecasts are giving ever-shorter breakout deadl
Turner Wright6 hours agoTether acquires stake in Bitcoin miner Northern Data, hinting at AI collaborationThe strategic investment into Northern Data through Tether group company Damoon may involve collaborations leveragi
Space Odyssey Loyalty Program by BitSpinCasino Dishes Out up to 15% Weekly Cashback & 300 Free Spins
Space Odyssey Loyalty Program by BitSpinCasino Dishes Out up to 15% Weekly Cashback & 300 Free Spins Get rewarded for reaching new levels in the loyalty program by playing games an
US Treasury’s Yellen Says Crypto Doesn’t Have Adequate Regulation — Calls FTX Collapse ‘a Lehman Moment’
US Treasury"s Yellen Says Crypto Doesn"t Have Adequate Regulation — Calls FTX Collapse "a Lehman Moment" U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exc
Beam, BCH, BTC, Zcash to Halve Inflation Next Year
Beam, BCH, BTC, Zcash to Halve Inflation Next Year There’s been a lot of noise about Bitcoin’s halving, set to occur in May, and the effect this will have on price as
Dogecoin Still In Consolidation – Analyst Expects $0,63 If We Get A Breakout
Este artículo también está disponible en español. Dogecoin (DOGE) has been stuck in a range for nearly a month, struggling to break above the $0.44 resistance level. Desp
US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Platform
US Court Fines Bitmex’s Founders $30 Million for Operating Illegal Crypto Platform The founders of Bitmex have been ordered to pay $30 million “for illegally operating a c
‘Casino Jack’ Abramoff Charged in AML Bitcoin Cryptocurrency Fraud Case, Could Return to Prison
"Casino Jack" Abramoff Charged in AML Bitcoin Cryptocurrency Fraud Case, Could Return to PrisonJack Abramoff, the lobbyist behind one of the biggest Washington lobbying scandals as