Default could permanently threaten our status as the provider of the primary global reserve currency along with the substantial economic benefits that come from this position of privilege.
Javier Ghersi/Getty Images(NEW YORK) House Speaker Kevin McCarthy, R-Calif., emerged with gavel in hand on Saturday after fierce Republican negotiations, but the concessions he made in the process have heightened concern over a potential economic crisis later this year. The empowerment of far-right House members in recent days has raised the risk of contentious, high-stakes negotiations over how the federal government should pay for past debts and allocate future spending, economists and budget experts told ABC News. Failure to reach an agreement before fast-approaching deadlines would send financial markets into turmoil, raise interest rates at a moment when elevated borrowing costs already weigh on economic activity and all but ensure a recession, they added. Within months, Congress will need to pass two measures in order to avert economic disruption: a debt-limit increase that allows the U.S. government to borrow money for past expenditures, ensuring that the nation continues payi
(NEW YORK) House Speaker Kevin McCarthy, R-Calif., emerged with gavel in hand on Saturday after fierce Republican negotiations, but the concessions he made i