Biden has spent weeks warning about dire economic consequences if Congress fails to approve more federal borrowing before the government runs out of money on Oct. 18.
Payments to defense contractors — which employ large numbers of people and “provide our military with world-class services, technology, and equipment” — could also be delayed, according to Austin.
Austin also warned about broader impacts of a debt default: It may harm the United States’ reputation with its allies, and it could erode the U.S. dollar’s longstanding position as the world’s“If the United States defaults, it would undermine the economic strength on which our national security rests,” Austin said in a
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