Financial leaders warn of economic fallout from default

Several financial industry leaders met with President Barack Obama on Wednesday to urge an end to the government shutdown and budget battle. Some of the executives said they emphasized that the primary issue of concern is the debt limit, more than the government shutdown. "There's no debate that the seriousness of the U.S. not paying its debts ... is the most serious thing we have, and we witnessed that in August '11 and you saw the ramifications: a slowdown in the economy," said Bank of America CEO Brian Moynihan.

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