the weapon of the Constitution to avoid a catastrophic default of payment

President Joe Biden (right) with House Speaker Kevin McCarthy on May 9 in the Oval Office of the White House in Washington. BRENDAN SMIALOWSKI/AFP

Without an agreement on its ceiling, America will not be able to repay its debt in early June.

Washington Correspondent

The threat of a default of payment from the United States, however implausible it may seem, still hovers above Washington. The impossibility for Uncle Sam to repay his debts would cause a cataclysmic financial crisis, Treasury Secretary Janet Yellen warned in recent days, while Jamie Dimon, the emblematic boss of the bank JPMorgan, indicated to rig his center of crisis, just in case.

Uncle Sam’s debt is capped by law. Since December 2021, this ceiling has been set at 31.4 trillion dollars. As the United States borrows ever more in the markets, it could reach this threshold in early June. If the negotiations between the White House and the Republican leaders of the Congress do not allow a raising of the ceiling of the debt by then, other desperate solutions are possible.

A legal alternative

Joe Biden, before flying off Tuesday evening for the G7 meetings in Japan, was to meet the leaders again…

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