More than 140 top American corporate executives have issued a letter urging the government to find a solution to raise the debt ceiling immediately and avert the catastrophic consequences of a default, just hours before the crucial moment Joe Biden–Kevin McCarthy Meet later on Tuesday.

corporate leaders, including Goldman Sachs Group Inc. GS‘S David Solomon, Pfizer Inc. PFE‘S Albert Bourla, MorganStanley MS‘S James Gorman, Macy’s Inc. M‘S Jeff GennetteAnd lazard ltd. LAZ‘S Kenneth Jacobs signed the letter.

From the economy it was said: “Measures are now required to end the looming debt crisis”, since the failure of the federal government to fulfill its obligations would have catastrophic consequences.

“It will be much worse if the country defaults on its debts, which would weaken our position in the world financial system,” the signatories wrote.

In the letter, leaders blamed a political stalemate on the debt ceiling in 2011 for the stock market plummeting 17% in the months that followed.

The White House last week urged Republicans to raise taxes to close the budget gap and reach a deal, but Republicans were quick to reject the idea. send a clear message that tax increases would not be part of a compromise.

The yield on the one-month Treasury note, a measure of the market’s concern over the debt ceiling agreement, was at 5.55% ahead of Tuesday’s Biden-McCarthy meeting and is down for the second consecutive day, suggesting slightly more market optimism over a deal.

Photo via Shutterstock.