Bank of America CEO Brian Moynihan urged CNN to be prepared for the fact that the United States could default on paying its public debt.
“We must be ready for this not only in our country, but also in other countries of the world. I hope this doesn’t happen. But hope is not a strategy, so you need to be prepared.”
A similar perspective expression US Treasury Secretary Janet Yellen. On January 21, he reported to the US Congress that on January 19, the nation’s national debt had exceeded the $31.381 trillion limit set by Congress, reaching $31.416 trillion. If the level of public debt is not raised, US monetary resources may run out in the summer. At the same time, the US government does not have the opportunity to use the additional borrowing mechanism.
Yellen also acknowledged the possibility of a global financial crisis due to the US inability to pay its debts. According to the minister, the US failure to pay its debt obligations “will undoubtedly lead to a recession in the US economy and may trigger a global financial crisis.” Every American can feel the consequences.
On January 25, Yellen briefed the US Congress of additional measures taken by her ministry in connection with reaching the statutory debt ceiling. He stressed that due to the public debt limit set, he could not fully allocate funds to the State Securities Investment Fund.
February 8 US President Joe Biden He insisted The House of Representatives and Senate agreed to raise the national debt ceiling “without preconditions, as has been done before. He said this in his annual address to Congress.