Broad differences between President Joe Biden and new House Speaker Kevin McCarthy increase the risk that the U.S. government could default on its obligations for political reasons
Those differences increase the risk that the government could default on its obligations for political reasons, a problem that could rattle financial markets and – if not resolved – plunge the world’s largest economy into a wholly preventable recession.
Asked twice Wednesday if there was evidence that House Republicans can ensure that the government will avert a default, White House press secretary Karine Jean-Pierre said it’s their “constitutional responsibility” to protect the full faith and credit of the United States. She did not say whether the White House saw signs at this stage that a default was off the table.For his part, McCarthy said Biden needs to recognize the political realities that come with a divided government.
“There should be no political brinkmanship with the debt limit,” said Senate Majority Leader Chuck Schumer, D-N.Y. “It’s reckless for Speaker McCarthy and MAGA Republicans to try and use the full faith and credit of the United States as a political bargaining chip.”
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