CNN
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During a closed-door lunch on Tuesday, JPMorgan Chase CEO Jamie Dimon told moderate House Democrats that Congress should abolish the debt ceiling, a person familiar with the matter tells CNN.
“Get rid of it,” Dimon told lawmakers of the debt ceiling, according to the source.
The meeting with the New Democrat Coalition comes just days after Congress passed a last-minute compromise to raise the debt limit before the government would have had to stop paying some bills.
During the lunch, Dimon described the debt ceiling as an “unmitigated disaster” and urged lawmakers to reform it to prevent future crises, the source told CNN.
In a statement, New Democrat Coalition Chair Annie Kuster, D-New Hampshire, said, “New Dems look forward to advancing practical solutions to the policy issues discussed and working with our colleagues on both sides of the aisle to make progress for our country.”
A spokesperson for JPMorgan did not respond to a request for comment.
The New Democrat Coalition, made up of almost 100 House lawmakers, describes itself as a center-left group committed to “pro-economic growth, pro-innovation and fiscally responsible policies.”
Speaking to reporters after the lunch, Dimon said it’s “fabulous that we didn’t have a debt ceiling crisis” and applauded lawmakers on both sides of the aisle.
“If I had my druthers, I would get rid of it one day,” Dimon told reporters in comments aired by CNBC. “It’s just one of those things that each side will torture the other side with…But it is potentially terrible.”
Beyond the debt ceiling, Dimon had a wide-ranging conversation with House Democrats on everything from immigration reform and housing to the banking crisis and hiring people who have previously been imprisoned, the source said.
The JPMorgan CEO told lawmakers he is in favor of strong border security but also wants reforms to the immigration system to address the ongoing labor shortage, the person familiar with the matter said.
In his annual shareholder letter, Dimon similarly said the United States should focus on “reducing the worker shortages” by allowing more merit-based immigration and more seasonal immigration.
Amid continued concerns about the rise of China, Dimon also expressed optimism about the state of the US economy on the world stage, according to the person familiar with the matter.
“America is in very good shape. They are not a ten-foot giant,” Dimon told reporters after the lunch, speaking of China. “We have the most prosperous economy the world has ever seen.”
Last month, Federal Reserve Chair Jerome Powell met with the New Democrat Coalition and told the group he has a lot of ideas on how to reform the debt ceiling, CNN previously reported.
