US President Joe Biden has warned that the US default will generate difficulties and problems across the globe.
“If we fall behind on our debts, the whole world will have problems,” he said at a meeting in New York.
According to the US president, Republicans created the current crisis, given that the US is actually able to pay its debts. He warned that defaults would drag the country’s economy into recession and significantly damage Washington’s international reputation.
In January, the U.S. Treasury Department notified Congress that “extraordinary measures” had been introduced as a result of the rise in the debt ceiling of $31.381 trillion.
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