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US may default on its debt

US may default on its debt

US President Joe Biden has warned Congress that the country would default if it refused to take action. Biden realizes the significance of this issue and has already compared it with a meteor that is threatening the US economy like in the movie Armageddon starring Bruce Willis.

The US President said at an online meeting with businesses that for more than 200 years the United States had been considered the safest and most secure place for global investment. He compared it to the financial rock. However, it is now blocked by the government borrowing ceiling. If Congress does not raise the debt limit, the US will face serious problems, including reputational damage.

This procedure used to be a matter of routine and did not cause any debates as everyone was aware that the level of acceptable borrowing ceiling would be increased. Currently, Republicans refuse to raise the debt limit due to their own political reasons.

"We’re not expecting Republicans to do their part. We’re just asking them not to use procedural tricks to block us from doing the job that they won’t do. A meteor is head to –  is headed to crash our economy. Democrats are willing to do all the work stopping it," the president stated and urged Republicans to stop "playing Russian roulette" with the US economy. "If you don't want to help save the country, get out of the way so you don’t destroy it," Biden noted.


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