WASHINGTON (Reuters) – Six former U.S. Treasury secretaries urged congressional leaders to raise the federal debt limit without delay, saying that a default would cause “serious economic and national security harm” and that delay would also be detrimental.

A short-term default could endanger economic growth. It creates the risk of roiling markets, and of sapping economic confidence, and it would prevent Americans from receiving vital services,” the six former secretaries said in the letter https://home.treasury.gov/system/files/136/Former-Treasury-Secretaries-Letter-to-Congressional-Leadership-on-the-Debt-Limit-9-22-21.pdf, released by Treasury. “It would have a devastating effect on trust in the United States’ full faith and credit, which would make it difficult to recover.”

James Baker and John Snow, former Republican Treasury secretaries, did not sign the letter. The signers were Robert Rubin, Timothy Geithner and Lawrence Summers (Democrats), as well as Michael Blumenthal. Henry Paulson, a former Republican secretary of state, also signed.