A possible default in the United States would be devastating for the American economy. This opinion was expressed on Tuesday by the head of state Joe Biden, whose remarks are quoted by RIA Novosti.
After unsuccessful negotiations with Congress leaders over the issue of the country’s rising public debt, the President admitted that their complete failure could lead to a devastating crisis for the national economy. Biden added that he hopes Republican-controlled House of Representatives Speaker Kevin McCarthy gets it.
“I don’t know what McCarthy thinks, President McCarthy. I think he sees better. And I think he knows a default is going to be devastating,” he said on Tuesday.
Earlier, the leader of the House of Representatives said that during the hour-long process of discussing the rising US national debt, the parties failed to make any progress. According to him, everyone adhered to his position on this issue.
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