The US President threatens the world with troubles if the United States defaults on its debts
US President Joe Biden announced that the possibility of the United States defaulting on its debt threatens the whole world with difficulties.
Biden said, at a ceremony in New York: “If we default on our debts, the whole world will get into trouble”.
According to Biden, the current crisis is made by the Republicans, because the United States has the ability to pay its debts.
He stressed that in the event of faltering, the country’s economy will slide into recession, and Washington’s international reputation will be greatly affected.
Last January, the Treasury Department notified Congress to start extraordinary measures until June 5, regarding the estimated completion of the national debt ceiling of $31.381 trillion.
The circuit chief then called on lawmakers to quickly increase borrowing limits to avoid defaults.
The US Treasury Secretary Janet Yellen warned that the United States is threatened with defaulting on its debts, as of the beginning of next June.
