A key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default.
Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her that their biggest concern is failure on the part of lawmakers on Capitol Hill to avert a default of the nation’s debt.
Talks about raising the U.S. government’s $31.4 trillion debt ceiling have made little progress in Washington. Biden and the Democrats continue to insist on a “clean” bill to lift the borrowing limit with no preconditions while House Speaker Kevin McCarthy (R-Calif.) and the Republicans have put forward a proposal that pairs lifting the cap by $1.5 trillion with $4.5 trillion in spending cuts….