{"id":1931081,"date":"2023-05-15T09:40:59","date_gmt":"2023-05-15T13:40:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biggest-fear-among-us-business-leaders-is-catastrophic-debt-default-white-house-economic-adviser\/"},"modified":"2023-05-15T09:44:20","modified_gmt":"2023-05-15T13:44:20","slug":"biggest-fear-among-us-business-leaders-is-catastrophic-debt-default-white-house-economic-adviser","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biggest-fear-among-us-business-leaders-is-catastrophic-debt-default-white-house-economic-adviser\/","title":{"rendered":"US business leaders&#8217; biggest fear is a catastrophic debt default, according to a White House economic adviser."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiggest-fear-among-us-business-leaders-is-catastrophic-debt-default-white-house-economic-adviser%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1931081&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>America&#8217;s Business Leaders Fear Government Debt Default<\/h2>\n<h3>What&#8217;s the Biggest Concern for American Business Leaders?<\/h3>\n<p>According to Lael Brainard, director of the White House National Economic Council, the biggest concern for American business leaders is not inflation or recession, but the looming threat of a &#8220;catastrophic&#8221; government debt default. Brainard told CBS&#8217; &#8220;Face the Nation&#8221; that the country&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/damp-sock-puppet-elon-musk-grills-biden-after-getting-snubbed-by-wh\/\" title=\"\u2018Damp Sock Puppet\u2019: Elon Musk Grills Biden After Getting Snubbed By WH\">top business leaders<\/a> have expressed their concern about the failure of lawmakers on Capitol Hill to avert a default of the nation&#8217;s debt.<\/p>\n<h3>What&#8217;s the Current Situation?<\/h3>\n<p>Talks about raising the U.S. government&#8217;s $31.4 trillion debt ceiling have made little progress in Washington. Biden and the Democrats continue to insist on a &#8220;clean&#8221; 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.<\/p>\n<h3>What Are the Consequences of a Default?<\/h3>\n<p>A default would lead to higher borrowing costs for cars, mortgages, small businesses, and even the U.S. government. Various types of loans would become more expensive, and Wall Street has been <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biggest-fear-among-us-business-leaders-is-catastrophic-debt-default-white-house-economic-adviser\/\" title=\"US business leaders' biggest fear is a catastrophic debt default, according to a White House economic adviser.\">growing increasingly nervous amid<\/a> the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-lawmakers-mull-rare-procedure-to-break-debt-ceiling-standoff\/\" title=\"House Lawmakers Mull Rare Procedure To Break Debt Ceiling Standoff\">debt ceiling standoff<\/a>. Citigroup CEO Jane Fraser said that the negotiations on raising the ceiling are &#8220;more worrying&#8221; than previous episodes. JPMorgan Chase CEO Jamie Dimon said the bank is convening weekly meetings to prepare for what could be a major event that shakes markets.<\/p>\n<h3>What&#8217;s the Current State of the Economy?<\/h3>\n<p>Worries about the debt ceiling standoff come amid ongoing concerns about inflation and recession. The probability that the country will enter a recession within the next year has risen to 68.2 percent, according to the New York Fed, which is the highest level since 1982. A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ioc-president-will-not-add-fuel-to-summer-olympics-cancellation-rumors\/\" title=\"IOC president will \u2018not add fuel\u2019 to Summer Olympics cancellation rumors\">recent poll showed<\/a> that most Americans believe that the country is headed for a recession\u2014or has already fallen into one.<\/p>\n<h3>What&#8217;s the Solution?<\/h3>\n<p>While Biden has said he&#8217;s &#8220;absolutely certain&#8221; that the country will avert a default, time is running out to find a fix. It&#8217;s crucial for lawmakers to come to an agreement to prevent a catastrophic government debt default.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A key aide to President Joe Biden said Sunday that American business leaders\u2019 chief concern is not inflation or recession but the looming threat of a \u201ccatastrophic\u201d government debt default. Lael Brainard, director of the White House National Economic Council, told CBS\u2019 \u201cFace the Nation\u201d\u00a0on Sunday that the country\u2019s top business leaders have told her<\/p>\n","protected":false},"author":118,"featured_media":1931082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[8710,4205,4284,19087,5487,15651,4202,5466,3653,5061,3765],"class_list":["post-1931081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-biggest","tag-adviser","tag-business","tag-catastrophic","tag-debt","tag-default","tag-economic","tag-fear","tag-house","tag-leaders","tag-white"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1931081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1931081"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1931081\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1931082"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1931081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1931081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1931081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}