What Happens If the US Defaults on Its Debt?

Negotiators for the White House and House Republicans resumed talks on lifting the US debt ceiling amid an impasse just days before a potentially catastrophic default, according to a person familiar with the matter. Talks between President Joe Biden’s team and representatives of House Speaker Kevin McCarthy had been at a standstill since White House negotiators left the Capitol on Tuesday. “I firmly believe we’ll be able to get there,” McCarthy said of prospects for a deal to avert default, speaking to reporters as his negotiating team was on its way to the session. Representatives for Biden and House Republicans began meeting about noon in White House Budget Director Shalanda Young’s office suite. The change in locale comes a day after Republican Patrick McHenry, one of McCarthy’s negotiators, bragged that the talks have all been held in the Capitol because, in his view, the GOP has the upper hand. -------- Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to Bloomberg Originals: https://www.youtube.com/BloombergTV Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/@BloombergQuicktakeNow Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake