“They won’t agree” – why the U.S. is headed for a debt disaster, according to Ticker’s political commentator Bruce Wolpe.

 
President Biden cut short his south-east Asian visit. While China is big on the minds of world leaders – there’s probably a more pressing issue right now.

What happens if the President can’t reach a deal with Republicans and the United States actually defaults on its debt?

So here’s a really simple question. What happens if the US cant service its debt?

After negotiations to raise the federal borrowing limit reached an impasse, President Biden and House Speaker McCarthy agreed to meet again to avoid a sovereign debt default.

House Republican negotiators and White House negotiators failed to bridge their differences over spending levels this weekend, and as usual, both parties blamed the other.

Biden took a sharper tone at a news conference on the sidelines of the G-7 summit, saying that House Republicans have taken “extreme positions.” He added that their current proposal is “unacceptable.”

The president’s tough words marked a change from the upbeat tone he has maintained, and they are more consistent with warnings from White House officials that talks are breaking down.

Legislators, aides, and officials at the White House say that fundamental disagreements about spending levels are at the root of the stalemate.

But here’s a question. Do Republicans have a point? Taxpayers are on the foot for trillions. Can the U.S. keep spending forever? #featured #politics #biden #debt