Biden: a possible default in the U.S. would threaten the dollar’s status as the world’s currency

A potential default, which could happen if the country’s Congress does not agree to raise the ceiling of the national debt, would jeopardize the dollar’s status as the world’s reserve currency. U.S. President Joe Biden said this on Monday in a speech at the White House.

“Failure to raise the national debt ceiling would call into question Congress’ willingness to honor our commitments that we have already made, not new ones. It would undermine the reliability of Treasury securities and also threaten the dollar’s status as the world’s reserve currency,” Joe Biden said.

Biden said Republicans should stop “playing Russian roulette” with the U.S. economy, putting the U.S. at risk of default. The president added that he could not guarantee that the U.S. would not default on its debt obligations.