Bank of America CEO: We're preparing for possible US debt default

TL;DR

Congress is once again bickering about raising the debt ceiling, the amount of money the US government can borrow to pay its bills on time. The CEO of Bank of America (BAC), America’s second-largest bank, told CNN he hopes lawmakers resolve their issues, because the market and economy love stability. Moynihan also didn’t seem overly concerned that any geopolitical tension between the US and China stemming from the recent spy balloon incident will have a lasting impact on the global economy

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