A possible default on the US federal debt would have devastating consequences, US President Joe Biden said on Tuesday, answering reporters' questions at the White House.
He was asked to comment on the words of Speaker of the House of Representatives Kevin McCarthy (Republican from the state of California), who admits the possible default in the country. "I don't know what Speaker McCarthy thinks. I think he knows better. I think he knows that a default would be devastating. And I think he knows that what he approved won't pass Congress. It's not viable," the president responded.
He was referring to McCarthy's plan to raise the nation's debt ceiling while making significant cuts in budget spending. That initiative passed the Republican-controlled House of Representatives in late April. Experts are confident that the Democratic-controlled Senate will not support the proposal. The White House earlier warned that Biden would veto the plan to raise the US national debt ceiling if it is approved by lawmakers in both houses of Congress.
Washington administration officials have previously repeatedly stated that a possible default would be devastating. Thus, US Treasury Secretary Janet Yellen in interviews constantly emphasizes that the refusal of Congress to raise the debt ceiling will lead to a default, which will entail economic and financial disaster.
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Based on materials from TASS