WASHINGTON (CBSDC) — One of America’s top investors is warning of a financial apocalypse if Congress does not raise the debt ceiling by the end of the week.
Tony James is president and chief operating officer of the Blackstone Group, which manages $230 billion for public and corporate pension funds.
He tells CBS News Congress is playing Russian roulette with the global economy.
And warns if the United States begins to default on some of its debts, stock markets would plummet as investors lose faith in American leadership.
James says says lawmakers who are dismissing the consequences of a U-S default don’t understand the damage they are doing to America’s reputation.