Bank of America CEO says the Fed's biggest challenge is power of US consumer

Bank of America CEO Brian Moynihan said although he is relieved lawmakers reached a resolution for the debt ceiling, it is "not good for the United States to go through this."

The resolution "provided momentary momentum in the markets and allows us to face the real economic issues and real debt level issues ahead of us," Moynihan told CBS' "Face the Nation" on Sunday.

Getting rid of the debt ceiling altogether is a "political question," Moynihan said.

"At the end of the day, we need to have a serious discussion about how much debt we can have in this country, how much we could afford and how it's spent," said Moynihan, emphasizing the impact the financial health of the United States has on the rest of the world.

The Fed's biggest challenge remains "the power of the US consumer," Moynihan said.

"They were earning more money and they were spending it, what you're seeing is that's dipping down," Moynihan said.

But the Fed "has won that battle," he said.