President Joe Biden urged House Speaker Kevin McCarthy to take the potential for an unprecedented US debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates
"America is not a deadbeat nation. We have never, ever failed to meet the debt," Biden told a small business event at the White House.
"It would lead to higher interest rates, higher credit card rates, mortgage rates would skyrocket," Biden said. "The most immediate thing we can do is ensure continued reliance of our economy and the financial system. The most important thing we have to do in that regard is to make sure the threat by the speaker of the House to default on the national debt is off the table," he added.raise the government's $31.4 trillion debt
The U.S. Treasury Department could run out of ways to pay its bills in a matter of weeks if Congress fails to act, and financial markets are already flashing warning signs. A 2011 standoff led to a downgrade of the government's credit rating, which pushed borrowing costs higher and hammered investments.
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