JPMorgan Chase CEO Jamie Dimon is warning that markets will panic as the United States nears a potential default on its bills next month.

In a televised interview Thursday, Dimon said a default in the country would be “potentially catastrophic.”

“The closer you get to it, you will have panic,” Dimon told Bloomberg.

He added he believes lawmakers will ultimately act to prevent a default, but markets will start to react the closer the U.S. gets to the fiscal deadline.

Treasury Secretary Janet Yellen informed lawmakers earlier this month that they have until June 1 to raise the nation’s debt ceiling.

Republicans and Democrats have grappled with how to handle the looming deadline but have yet to publicly announce a compromise.

Republican and Democratic Congressional leaders met with President Biden this week to discuss the debt ceiling. Speaker Kevin McCarthy (R-Calif.) said there was no “new movement” on the negotiations after the meeting, and Biden said he is considering using the 14th Amendment to work around the debt ceiling.

Dimon in the Bloomberg interview said defaulting can impact other markets around the globe, noting JPMorgan Chase has established a weekly meeting to discuss how the company would address a default.

He said those meetings will happen more often if no new progress is made on the debt ceiling.

“It affects contracts, collateral, clearinghouses, clients — it affects clients differently around the world,” Dimon said. “It’s very unfortunate. It should never happen this way.”