US President Joe Biden, at an event in New York, said that if the country does not pay its public debt, the whole world will face problems. It has been reported DEA News.
“If we default on our debt, the whole world is in trouble,” the president said.
The head of state added that if it defaults, the country’s economy will face recession and the US reputation in the world will be “extremely damaged”.
Biden’s former Treasury Secretary Janet Yellen must If Congress doesn’t raise the debt ceiling, act. He pointed out that the President could use the 14th amendment to the Constitution, which allows to avoid default by bypassing the position of the legislature, but this could lead to a crisis in the country.
Kevin McCarthy, previously Speaker of the U.S. House of Representatives accused President Biden’s reluctance to deal with US national debt issues.