a us debt default would sow chaos in the financial system and the broader economy a group of wall street executives told treasury secretary janet yellen in a letter to ms yellen tuesday executives who have served on the treasury borrowing advisory committee said the debt limit should be raised immediately ahead of a permanent fix that ties it to appropriations or scraps it entirely it is time to introduce an alternative method of enforcing fiscal responsibility said the letter it was signed by current and former committee chairs and vice chairs including outgoing chair and goldman sachs executive beth hammack the committee provides recommendations to the treasury department on debtmanagement matters and weighs in on the strength of the us economy its members include senior executives from large us banks asset managers and other financial institutions default concerns have already rattled the market for us government debt the ongoing banking turmoil increases the risks posed by a default or protracted debtlimit negotiations the the executives wrote reduction in credit availability has already begun making loans more difficult for individuals and small business to secure the executives wrote with financial markets on edge continuing to debate raising the debt limit is reckless and irresponsible