Mounting US debt will eventually spark a "rebellion" in markets around the world, JPMorgan CEO said.

That's because $7.6 trillion of US government debt is held by foreign entities in countries like Japan and China.

"It is a cliff. We see the cliff. It's about 10 years out. We're going 60 miles an hour," Dimon said.

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"That is the worst possible way to do it," he said. "It is a cliff. We see the cliff. It's about 10 years out. We're going 60 miles an hour."

For Jamie Dimon, the US fiscal situation has particularly soured since the time he graduated high school, when the debt-to-GDP ratio was about 35%. And the federal deficit, which is the amount the US spends over its budget in a specific year, was much lower than it is today.

"Back then the deficit during the recession, so you do spend money in a recession was, I'm going to say four or 5%," he said. "Today, it's 6.5% in a boom time."