The United States is threatened with imminent default.
(Photo: AP)
Washington, Dusseldorf The situation is serious: The dispute over the US debt ceiling has escalated so much that President Joe Biden has cut short an important trip. Although Biden wants to leave for the G7 summit in Japan on Wednesday, he wants to take part in the meeting of the so-called Quad Alliance in Australia he has canceled and flies back to Washington earlier.
On Tuesday, top US congressmen met with Biden for negotiations in the White House. Biden then expressed cautious optimism. There was an “overwhelming consensus” that “default is simply not an option,” he said.
But investors and international partners are looking nervously at the USA, because the world’s largest economy may not even have two weeks left before a default. “A timely agreement on the US debt ceiling is unlikely,” said the Swiss bank Swissquote.
What is at stake in the event of an insolvency? What do the Democrats want, what do the Republicans want? And is the debt ceiling a sensible instrument at all? The most important questions and answers.
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