Aided by business leaders Wednesday, the White House stepped up efforts to convince Republicans to increase the nation's borrowing limit.

Obama huddled with a group of leading CEOs in the Oval Office, where they warned that not raising the debt ceiling by Oct. 17 would be disastrous for the economy.

“There’s precedent for a government shutdown,” Goldman Sachs Chairman Lloyd Blankfein told reporters after the Financial Services Forum, a collection of business leaders, met with Obama. “There’s no precedent for a default.”

As the White House and congressional Republicans remain at loggerheads over a government shutdown, an even bigger showdown is on the horizon. If the nation reaches its borrowing capacity in mid-October, the government risks default and a credit-rating downgrade, which would have global economic repercussions.

Blankfein insisted that the business group was not choosing sides, calling the meeting with the president about “process” and “not politics.”

The White House is hoping the business community will carry more sway with Republicans than the president has of late. However, a similar message from the Chamber of Commerce and other business interests was unable to stave off a government shutdown.