What are implications of looming US debt crisis?

President Joe Biden’s administration is once again facing a critical challenge as it tries to tackle the rising national debt. The looming US default is already roiling the market with uncertainty. It’s not good news for a world economy teetering on the brink of a global recession.

Let us look at what the impending crisis is and what President Joe Biden’s efforts to avert a crisis are. The crisis will have implications for the US and the world economy. Remember that the global economy is still reeling under the ongoing Russia-Ukraine war that broke out even before the world could recover from the crippling effects of the COVID-19 pandemic and the subsequent supply chain disruption. 

Also read: Biden, congressional leaders to meet Tuesday for talks on raising the debt limit