The United States would become a “deadbeat nation” if it defaulted on its massive $31-trillion debt, the president said
US President Joe Biden has said America’s reputation would be “damaged in the extreme” if the government were unable to pay its bills, insisting a default on the national debt is simply not an option.
Addressing reporters after a meeting with congressional leaders on Tuesday, Biden said the sit-down was “productive,” noting that all sides agreed to find a “path forward to make sure America does not default” on its world-historic debt.
“Our economy would fall into a significant recession. It would devastate retirement accounts, increase borrowing cost[s],” he said of a potential default, adding that “nearly eight million Americans would lose their jobs” and “our international reputation would be damaged in the extreme.”