The CEOs of the nation’s leading banks, including Goldman Sachs Goup Inc. and JPMorgan Chase & Co., sent a letter to the White House and Congress today urging them to hurry up and reach a debt limit agreement, CNNMoney.com reported.

In the letter, the CEOs said an agreement needs to be made this week, or else there will be “grave” consequences.

“A default on our nation’s obligations, or a downgrade of America’s credit rating, would be a tremendous blow to business and investor confidence – raising interest rates for everyone who borrows, undermining the value of the dollar, and roiling stock and bond markets – and, therefore, dramatically worsening our nation’s already difficult economic circumstances,” the letter said.

Companies whose CEOs signed the letter include Goldman Sachs, JPMorgan Chase, Bank of America Corp., Allstate Corp., Bank of New York Mellon Corp., MetLife Inc., Morgan Stanley, Prudential Financial Inc., State Street Corp., U.S. Bancorp and Wells Fargo& Co.

Banks aren’t the only ones worried. Economists say the prolonged debate over how to resolve the nation’s debt has already hurt the U.S. economy, and many worry that a lack of resolution could throw the country into a double-dip recession.

Lawmakers have five days to meet the Aug. 2 deadline to raise the debt ceiling. Currently, two measures are being considered by Congress.