JPMorgan Chase CEO Jamie Dimon (Photo by Win McNamee/Getty Images)

JPMorgan Chase CEO Jamie Dimon called the government shutdown a "self-inflicted wound" that is a "negative" for the economy.

"You can't have a democracy where you refuse to compromise," Dimon said while speaking at a Manhattan luncheon hosted by the Economic Club of New York.

Dimon added that he hopes “there’s a deal to be done.” He advocated giving President Trump money for border security. In exchange, the Democrats should ask for progress on the Deferred Action for Childhood Arrivals program or other immigration policies.

What Trump officials have said about economy: White House economic adviser Kevin Hassett acknowledged Tuesday that the White House underestimated the negative impact on the United States' economic growth from the ongoing government shutdown.

He told Fox Business Network the White House "found that actually the damage is a little bit worse because of government contractors, something that was excluded from our first analysis."

Hassett added that diminished spending by furloughed employees will be made up once they receive back pay after the shutdown ends, alleviating some of the damage.