Business News: U.S. financial system may be in jeopardy

Business News

(CBS) - In Business News, more than a dozen CEO's of the nations biggest banks warned President Obama Wednesday that the financial system would suffer if the shutdown and debt ceiling are not resolved.

The heads of banks including Goldman Sachs, JP Morgan Chase and Bank Of America met with President Obama at the White House.

They said failing to raise the debt ceiling by the Oct. 17th deadline could jeopardize the already fragile economic recovery.

(CBS) - The number of students defaulting on their school loans is soaring.

  The Department of Education reports the rate of student borrowers who default within two years has risen nearly a full percentage point, at 10 percent.

(CBS) - Puerto Rico plans to create 6,000 new jobs to help boost the island's sluggish coffee industry.

It will also cultivate an additional 16,000 acres in the next two years.

Puerto Rico loses about 35 percent of each year's coffee bean crop because there is no one to pick it. 


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