U.S. President Joe Biden piled the pressure on congressional Republicans to vote for a debt ceiling increase in a meeting with bank and business leaders at the White House on Wednesday, saying their opposition would take America 'right to the brink.'
U.S. President Joe Biden departs the White House in Washington, U.S., October 5, 2021. REUTERS/Kevin LamarqueWASHINGTON, Oct 6 - U.S. President Joe Biden piled the pressure on congressional Republicans to vote for a debt ceiling increase in a meeting with bank and business leaders at the White House on Wednesday, saying their opposition would take America "right to the brink."
Treasury Secretary Janet Yellen has estimated that a U.S. debt default could occur around Oct. 18 if Congress fails to give the government additional borrowing authority beyond the current statutory limit of $28.4 trillion, which was reimposed after a two-year suspension expired in late July. A U.S. debt default would severely hurt the country's credit rating, plunge the global financial system into turmoil and poses aChief executives of large American banks at the White House expressed alarm at the potential fallout.
Nasdaq CEO Adena Friedman also urged immediate action. When Biden asked her about the fallout if the United States were to default even for a day, Friedman said "we would expect the markets would react very very negatively." "The United States of America defaulting on its obligations is not an option; we are counting on Congress to take the necessary steps to address the debt limit," wrote Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce, the nation’s largest corporate lobbying group.
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