On Wednesday, Americans were reassured by leaders from both the political parties that the nation would not default on its debt. Although negotiations remain tense, leaders President Biden and House Speaker Kevin McCarthy have said in different interviews that the nation would not default on its debt.
On Wednesday morning, the top most leader of the House Kevin McCarthy appeared on an interview on CNBC’s Squawk Box. The Speaker said, “I think at the end of the day we do not have a debt default.”
Later in the day President Biden spoke in a similar vein from the White House. He said, “We’re going to come together because there is no alternative. Every leader in the room understands the consequences of failure.”
President Biden made these remarks before he embarked on an Asian visit. He is planning to attend the Group of Seven summit. The president also said that he would return on Sunday and hold a news conference in which he would detail the progress of the negotiations.
The President and Congress have already approved of commitments to spend and the debt ceiling needs to be raised to cover this spending so that a default can be avoided. It does not authorize new spending. However, House Republicans do not want to agree to a raise in the debt ceiling unless Biden and lawmakers agree to implement future spending cuts.
Congress has to move forward and raise the debt limit by June 1. The national debt is at $31.4 trillion. An increase in the debt limit will let the administration borrow enough to pay for commitments already approved by Congress. It will not authorize new spending by the federal government.
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According to Moody’s Analytics, if the U.S. fails to pay its debts on time, the gross domestic product (GDP) will drop 4 percent. There would be more than 7 million job losses. The data said that even a small default could result in a large job loss of 2 million.
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