New York, NY, October 3, 2013 – SIFMA today issued the following statement from former Senator Judd Gregg, CEO of SIFMA, on the seriousness of the debt default threat:

“If the U.S. were to default on its debt, it would undermine the economy dramatically and potentially throw the markets into disarray.  Our debt is the currency of the world.  For us to default would call into question our world leadership and inevitably lead to American taxpayers having to pay more to finance our debt.  It would limit our capacity to grow and negatively impact job creation, unnecessarily. We urge the President and Congress to come together and negotiate a workable solution to avoid these consequences.”

SIFMA also released two related fact sheets: Treasury Market and the Debt Ceiling Fact Sheet and Treasury Market Operations and the Debt Ceiling Fact Sheet.

 

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The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA’s mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.