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World Watches Biden Administration Debt Ceiling Crisis Horrified About A Potential Default

May 25. 2023

Joe Biden

The Washington Post published an article entitled, "World watches in disbelief and horror as U.S. nears possible default." It delved into the current debt crisis, which needs to be resolved by June 1, 2023 or disastrous consequences will surface. President Joe Biden and his handlers have made a mess of the U.S. economy. They have dragged America to new lows.

The Washington Post stated, "The fight over the borrowing cap has been alarming U.S. allies. Around the world, experts have been watching in disbelief as the U.S. flirts with its first default, fearful of the potential international economic ramifications — and astonished by the global superpower’s brush with self-sabotage."

America has lost time and progress under Biden. The national has regressed in a terrible way. Under the Biden Administration America is experiencing record debt, inflation, mortgage/credit card defaults, evictions and homelessness. There were warnings signs there the Biden administration would be a failure, but they were ignored (Joe Biden Tax Plan Slammed And Debunked On '60 Minutes' Confirming Previous Site Claims).

The Chinese economy has overtaken America to become number one in the world (China Overtakes America As The Richest Nation In The World Confirming Previous Site Claims). Dozens of world nations have abandoned the U.S. dollar as the  choice currency for international transactions, which will cost America trillions in profits in the long run (World Nations Form Alliance To Replace The U.S. Dollar In International Trade Due To President Joe Biden's Terrible Economic And Political Policies In A Move That Will Cost America Trillions In Revenues). Now the world is looking on in horror against as the debt ceiling deadline approaches.

STORY SOURCE

World watches in disbelief and horror as U.S. nears possible default

Most nations don’t have a fixed debt ceiling. But Washington’s fight over raising the cap carries global implications.
By Rachel Siegel

May 19, 2023 at 4:00 a.m. EDT - Gathered last weekend at the Toki Messe convention center and Hotel Okura in Niigata, Japan, the world’s top economic officials were scheduled to discuss some of the biggest emergencies facing the global economy, such as the war in Ukraine and climate change. But the finance ministers for the Group of 7 nations had another question for Treasury Secretary Janet L. Yellen: What is going on with the U.S. debt ceiling?

All of Yellen’s counterparts were aware of the potential global ramifications if the United States were to default on its debt — so aware, in fact, that many asked her privately for updates on the status of negotiations between the White House and House Republicans, according to one person familiar with the matter, who spoke on the condition of anonymity to reflect private conversations. Yellen told U.S. allies that she agreed that a default would be devastating and that resolving the debt ceiling was a top priority for the administration, the person said...

The fight over the borrowing cap has been alarming U.S. allies. Around the world, experts have been watching in disbelief as the U.S. flirts with its first default, fearful of the potential international economic ramifications — and astonished by the global superpower’s brush with self-sabotage.

Rich and poor nations alike fear a possible U.S. default, which would torpedo the financial markets and deal a massive blow to the dollar. Analysts say the impasse jeopardizes America’s standing abroad. And foreign economists and policymakers are bewildered over why the United States has imposed a specific limit on its debt and then turned it into a political football...

https://www.washingtonpost.com

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