US President Joseph Biden
©Yuri Gripas / Pool via CNP / Global Look Press
A possible default in the United States threatens the whole world with difficulties. This opinion is shared by American President Joe Biden.
“If we default on our debt, the whole world is in trouble,” he said. The words of the American leader on Wednesday, May 10, leads RIA News.
He believes that the current crisis was created by the Republicans, because Washington has the ability to pay its debts. The head of the White House noted that, in his opinion, in the event of a default, the country’s economy will slide into recession, and the US international reputation will suffer greatly.
Biden said earlier that he was thinking about the possibility of preventing potential default in the country on federal debt without the participation of Congress. “I am considering the 14th Amendment to the US Constitution,” the president explained.
Representatives of the Republican Party, who control the lower house of Congress, associate the increase in the “ceiling” with the adoption of a program to cut government spending. At the same time, the head of the White House insists on expanding debt limits without any accompanying conditions.
The White House believes that a US default on public debt would be a gift to China and Russia. Therefore, Congress must do its job and prevent a default, they say.
