Bank of America is preparing for the United States to default on its debt for the first time in history, CEO Brian Moynihan said Monday. The U.S. reached its debt ceiling last month.
Moynihan, who runs one of the largest banks in the country, claimed Bank of America was preparing for a possible financial crisis if lawmakers do not reach an agreement that raises the debt ceiling by June.
“We have to be prepared for that, not only in this country but in other countries around the world. You hope it doesn’t happen, but hope is not a strategy — so you prepare for it,” Moynihan told CNN anchor Poppy Harlow.
Members of Congress are currently debating on whether to raise the debt ceiling, which would allow the U.S. to pay its necessary debts.
