US President Joe Biden's administration has again warned of "catastrophic" consequences for the US economy, including huge job losses if the country defaults, while negotiations for a debt ceiling deal are expected to resume next week.
For weeks, politicians, bankers, and the White House have been warning that the US is on the verge of a default that threatens dire consequences, including a looming recession and a global financial contagion.
The Congressional Budget Office predicted Friday that the country could default on its debt by June 15 if lawmakers fail to agree with Biden to lift existing restrictions on government spending.
"We shouldn't be here," Deputy Treasury Secretary Wally Ademo said on a CNN talk show titled "State of the Union," repeating lawmakers' calls to end confrontation and expand US borrowing power.
"If Congress fails to raise the debt ceiling by the time of default, we will go into a recession and that would be disastrous," he added.
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