Chief executives from the country's largest banks sent a letter to the White House and Congress Thursday urging them to reach an agreement the week of July 25 to raise the debt ceiling.

"A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence - raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets - and, therefore, dramatically worsening our nation's already difficult economic circumstances," the letter said.

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