JPMorgan's Zames urges officials to raise the debt ceiling

Matthew Zames, managing director at JPMorgan Chase, has sent a letter to Treasury Secretary Timothy Geithner warning about the consequences of failing to raise the debt ceiling. "I am writing to express my concerns regarding the urgent need to increase the statutory debt limit," Mr. Zames wrote. "Any delay in making an interest or principal payment by Treasury even for a very short period of time would put the U.S. Treasury and overall financial markets in uncharted territory."

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