Pension funds urge US Congress to act fast on debt-ceiling deal

Capitol building in Washington DC

Senior officials at 10 pension funds have written a letter urging President Barack Obama and congress to act quickly to raise the debt ceiling and address the budget deficit or face dire consequences.

A separate, similar letter was sent by a coalition of investment firms and pension funds on July 25, raising the same issues and used nearly identical language.

"The idea of America losing its AAA rating was once unthinkable but now highly likely if our leaders fail to act," the authors of the two