U.S. President Biden warns of dire consequences of debt default

STORY: U.S. President Biden warns of dire consequences of debt default DATELINE: May 12, 2023 LENGTH: 00:00:40 LOCATION: NEW YORK, the United States CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. SOUNDBITE (English): JOE BIDEN, U.S. President 2. various of the event STORYLINE: U.S. President Joe Biden has warned of the dire consequences of a possible default by the U.S. government on its debt obligation as early as June 1. Speaking at SUNY Westchester Community College in New York on Wednesday, Biden said the U.S. economy would fall into recession with 8 million Americans losing their jobs, and its international reputation would be damaged in the extreme in the case of a debt default. SOUNDBITE (English): JOE BIDEN, U.S. President "America defaults on our debt. Higher interest rates for credit cards, car loans, mortgages, payments for social security, medicare. Our troops, and veterans could all be halted or delayed. According, again, to Moody's, 8 million Americans would lose their jobs, including 400,000 New

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

(230511) -- VALHALLA (U.S.), May 11, 2023 (Xinhua) -- U.S. President Joe Biden speaks at SUNY Westchester Community College in Valhalla, New York, the United States, on May 10, 2023. Biden has warned of the dire consequences of a possible default by the U.S. government on its debt obligation as early as June 1. Speaking at SUNY Westchester Community College in New York on Wednesday, Biden said the U.S. economy would fall into recession with 8 million Americans losing their jobs, and its international reputation would be damaged in the extreme in the case of a debt default. (Photo by Mykyta Starychenko/Xinhua)

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

(230511) -- VALHALLA (U.S.), May 11, 2023 (Xinhua) -- U.S. President Joe Biden speaks at SUNY Westchester Community College in Valhalla, New York, the United States, on May 10, 2023. Biden has warned of the dire consequences of a possible default by the U.S. government on its debt obligation as early as June 1. Speaking at SUNY Westchester Community College in New York on Wednesday, Biden said the U.S. economy would fall into recession with 8 million Americans losing their jobs, and its international reputation would be damaged in the extreme in the case of a debt default. (Photo by Mykyta Starychenko/Xinhua)

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

(230511) -- VALHALLA (U.S.), May 11, 2023 (Xinhua) -- U.S. President Joe Biden speaks at SUNY Westchester Community College in Valhalla, New York, the United States, on May 10, 2023. Biden has warned of the dire consequences of a possible default by the U.S. government on its debt obligation as early as June 1. Speaking at SUNY Westchester Community College in New York on Wednesday, Biden said the U.S. economy would fall into recession with 8 million Americans losing their jobs, and its international reputation would be damaged in the extreme in the case of a debt default. (Photo by Mykyta Starychenko/Xinhua)

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

U.S.-NEW YORK-VALHALLA-BIDEN-DEBT DEFAULT

(230511) -- VALHALLA (U.S.), May 11, 2023 (Xinhua) -- U.S. President Joe Biden speaks at SUNY Westchester Community College in Valhalla, New York, the United States, on May 10, 2023. Biden has warned of the dire consequences of a possible default by the U.S. government on its debt obligation as early as June 1. Speaking at SUNY Westchester Community College in New York on Wednesday, Biden said the U.S. economy would fall into recession with 8 million Americans losing their jobs, and its international reputation would be damaged in the extreme in the case of a debt default. (Photo by Mykyta Starychenko/Xinhua)