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The repercussions of a first-ever default on the US federal debt would quickly reverberate around the world. Experts say that 'no corner of the global economy would be spared'
Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic ‘calamity’ if Congress can’t reach agreement to allow more borrowing. While some advocate using the 14th Amendment, the president has viewed the route as a problematic and untested legal theory
The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their 'extreme positions'
Does Biden think he can twist this Civil War-era dough into a pretzel that would negate Congress's exclusive power to legislate an increase in the debt ceiling?