146 executives from major companies in the United States have written an open letter to President Joe Biden and Congressional leaders, urging them to take swift action to save the United States from falling behind on its financial commitments.

Among the signatories of the letter are CEOs from prominent companies such as Goldman Sachs, Morgan Stanley, Nasdaq, JPMorgan Chase, and Pfizer.

They have warned that failure to resolve the current crisis could have negative consequences on the economic, financial, and global levels, emphasizing the need to reach an agreement on raising the debt ceiling as soon as possible.

Experts caution that the U.S. Treasury may not be able to pay all government bills later in June, which means the country could face serious financial problems if a quick agreement is not reached.

In this regard, President Biden is working towards a deal with the Republican Party on raising the debt ceiling, while some Democrats in the Senate are considering using the Fourteenth Amendment to the United States Constitution to resolve the crisis.