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The US may well end up with a default if the Biden administration fails to get its Republican rivals in Congress to agree on raising the country’s debt ceiling as soon as possible.
Earlier this month, the US Treasury Secretary insisted that her country might run out of options to pay its debt obligations already on June 1 if congressional lawmakers fail to act and raise the country’s debt ceiling.
No country will be able to capitalize on a potential US default, and even if a certain nation manages to benefit, it will be a Pyrrhic victory, Marc Ostwald, chief economist at ADM Investor Services International, told Sputnik.
The Congressional Budget Office has issued a report as POTUS prepares to meet with congressional leaders later on Tuesday to discuss the country’s debt ceiling increase in a bid to avert a possible default.
Treasury Secretary Janet Yellen recently warned that unless the congressional limit on the country’s debt servicing is raised by June 1, the US government will likely begin defaulting on its debt.