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‘An event of seismic proportions.’ Wall Street bankers, investors warn of debt-ceiling fallout.

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The leaders of a group of Wall Street’s biggest banks, hedge funds and asset managers from the last 25 years has penned a letter to Treasury Secretary Janet Yellen, laying out the dangers of Congress not reaching a debt-ceiling agreement before the government runs out of cash.

“A protracted standoff over the debt limit will dramatically increase taxpayer costs and exacerbate market stress. Further, any delay in making an interest or principal payment by Treasury would be an event of seismic proportions, not only for financial…

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