US Default Threatens Catastrophic Global Recession: What Investors Should Know.

The US is on the brink of defaulting on its debts, which could lead to catastrophic consequences for the economy, including a looming recession and millions of job losses. Negotiations to raise the debt ceiling are expected to resume this week, with President Biden calling for a "clean" hike while Republicans insist on spending curbs. The country could default on its debts by June 15 if lawmakers fail to agree on a deal. Deputy Treasury Secretary Wally Adeyemo warned that a default would be catastrophic and urged lawmakers to raise the debt limit to prevent it.