“President Biden warns of consequences of possible US default on debt”

The President said that world leaders are wondering about the possibility of defaulting in the US.

“Because if we default on our debt, the whole world will be in trouble,” Biden said.

At the same time, the head of state stressed that he considers the risk of default an “artificially created crisis,” but warned of consequences such as higher interest rates on loans, delayed payments for social security and veterans, and job losses.

“Our economy will fall into recession, and our international reputation will be severely damaged. We should not even talk about this situation,” the president added.