STORY: “There’s damage that’s done up to a default,” said Dimon. “And that damage could be permanent, like downgrades, regulatory actions around the world. Other central banks deciding they don’t want to own U.S. treasuries.” Dimon said an actual default by the government would be “potentially catastrophic.” “We cannot have a default. You can play fire right up to close over here, but please do not have a default. That would wreck permanent damage on America and its future. And it could destroy its future.” President Joe Biden, in his address to a joint session of Congress on Tuesday (February 7), urged Republicans to raise the $31.4 trillion debt ceiling, which must be lifted in the coming months to avoid a default.