(AmericanProsperity.com) – US President Joe Biden said during a Wednesday speech in Valhalla, New York that the world would enter into a severe crisis if the United States defaults on its debt. These comments came after a Tuesday meeting with Congress leaders, where both parts failed to reach an agreement on raising the nation’s borrowing limit.
In his speech, President Biden also said that world leaders are asking him whether the risk of watching the United States default is serious. People on social media criticized the US commander-in-chief, claiming this was just another strategy to manipulate public opinion and pressure Republican House Speaker Kevin McCarthy.
In addition to McCarthy, the meeting included Senate Majority Leader and New York Democrat Chuck Schumer, House Minority Leader, and New York Democrat Hakeem Jeffries, and Senate Minority Leader and Kentucky Republican Mitch McConnell. Despite the positive expectations of numerous media outlets, the meeting concluded without any viable solution to prevent the United States from defaulting on its debt.
This is the first meeting that President Biden and congressional leaders had after Treasury Department Secretary Janet Yellen told US lawmakers that the country could default on June 1st. Many experts pointed out this was good news as it represented enough time for both sides to reach a deal.
During his campaign-style speech, President Biden said that the risk of defaulting was nothing more than a “manufactured crisis.” However, he said this situation could have serious consequences for Americans, including delayed payments for veterans and Social Security, higher interest for mortgages and credit cards, and massive job losses.
The Democratic leader also said that if the United States defaults, the country’s economy would fall into recession and the nation would suffer the worst type of damage to its international reputation. He also pointed out it’s absurd that the country is currently talking about such a negative and unprecedented situation.
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