Intel Chief Warns of China and Russia Exploiting US Debt Default
Director of National Intelligence Avril Haines warned that China and Russia would likely use a U.S. debt default to portray the U.S. as a dysfunctional, chaotic, and unstable nation. A domestic debt default would create global uncertainty about the U.S. dollar's value and lead to volatility in currency and financial markets. Treasury Secretary Janet Yellen warned that if Congress failed to raise the debt limit, it "would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests." President Joe Biden will meet with congressional leaders to try to reach a solution to avoid a default, but so far, there's no sign of an imminent resolution.