Bank of America CEO Sounds Alarm: U.S. Economy May Lose Special Status Due to Debt Issues

Moynihan believes that if the United States does not balance its spending with economic growth, it will regret it. If this issue is not resolved, the U.S. may lose its "gold standard" status in the economy.

He also stated that the debt problem is not something that can be handled in the first week of a new government's term, nor is it an issue for an incumbent government to continue governing - it's a discipline issue that spans time.