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Biden Warns of Chaos For U.S. Economy If There's A Default On The Federal Debt

Derek Wolfe

Updated: October 26, 2022

default national debt
Editor’s Note:

EDITOR'S NOTE: America is about to hit its debt ceiling again next year, and so President Biden is warning that a default on the federal debt will likely yield catastrophic results. Yet Biden won’t compromise with certain entitlements or cut down on fiscal spending. He warns that a default would “create more chaos, more inflation, and more damage to the American economy.” Yet, he doesn’t acknowledge that fiscal spending is already generating the same effect. I’m not sure which economic reality Biden is living in, but the one Americans are facing is characterized by higher costs, lower economic prospects, and financial risks, all of which are a product of Biden’s economic policies.

President Joe Biden on Monday warned again of dire consequences for the U.S. economy if there’s a default on the federal debt, saying “there’s nothing that would create more chaos, more inflation and more damage to the American economy.” Speaking at Democratic National Committee headquarters, Biden said he would not cut Social Security or Medicare, following recent remarks by House Minority Leader Kevin McCarthy about entitlements. McCarthy — who is in line to become House speaker if Republicans win in the midterm elections — has suggested using the debt limit to force spending cuts but also said he wouldn’t “predetermine” anything when asked about entitlements. The U.S. is expected to hit its debt ceiling next year.

Originally published on Market Watch.

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