Warning from Biden: The whole world will be in trouble

US President Joe Biden warned that "the whole world will be in trouble" if the US defaults. Biden reported at a program he attended in New York that world leaders were curious about the risk of default in the US. US President Biden said, "Because if we default, the whole world will be in trouble." Describing the debt limit crisis as a "manufactured crisis," Biden stated that the US was the strongest economy in the world and that there was no doubt that it could pay its "bills." Biden said, "We must responsibly cut spending and reduce the deficit without an unnecessary crisis." Warning about the consequences of the possibility of default, Biden explained that this could lead to higher interest rates on credit cards, car loans and mortgages, delays in Social Security payments and job losses. Biden said, "Our economy would enter a recession and our international reputation would be extremely damaged." With less than a month left before the federal government in the US reaches its $31.4 trillion debt limit and faces a cash crunch, President Biden met with US House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell yesterday to discuss the debt limit. Biden stated in a press conference following the meeting that the meeting was "productive" and that they would meet again on Friday.