Default Expected in the U.S. in the Coming Days, Says House Speaker

A default is expected in the U.S. in the coming days, with the responsibility resting on President Joe Biden. This was announced by House Speaker Kevin McCarthy.

He estimates that there are nine days left until the supposed date when the U.S. will be unable to pay its debts. "Biden is trying to rewrite history by claiming he has done his part regarding the national debt, and shouldn't be blamed for the default. In reality, he walked away from negotiations more than 100 days ago," stated McCarthy.

It is noted that the U.S. could face default on June 1. Earlier, Biden discussed raising the debt ceiling with congressional leaders, but Republicans have proposed raising the debt by $1.5 trillion in exchange for cutting budget spending by $4.5 trillion. U.S. Treasury Secretary Janet Yellen has indicated that refusing to raise the debt limit would lead to economic disaster.