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A US default may destabilize the global economy with a series of domino effects, Sergio Rossi, professor of macroeconomics and monetary economics at the University of Fribourg, Switzerland, told Sputnik.
Divisions are deepening between House and Senate Democrats over whether the US president should reach a debt ceiling compromise with Speaker Kevin McCarthy.
US media reports suggest that President Joe Biden may announce his bid for a second term soon. The announcement is expected to come with a video release, possibly on Tuesday. Biden would be the oldest US president in history to run for re-election, and a potential rematch with Donald Trump is raising interest. However, Biden's backers suggest that he is not in a hurry to announce his candidacy, as Republicans are facing a likely nomination battle and Washington is currently embroiled in a political struggle over extending the US borrowing limit.
As per reports, Treasury Secretary Janet Yellen believes the economy may fall into a recession if Congress fails to address the borrowing limit before an unprecedented default on the U.S. debt.