The Biden administration on Thursday warned that superpower rival China would “love” to see Washington fail to extend the national debt ceiling and push the country into the “chaos” of default.
“They love to see chaos in the American system,” senior White House economics official Shalanda Young told reporters. “They love to see that we can’t do our basic jobs.”
Republicans in Congress and President Joe Biden‘s Democrats are running out of time to agree on how to authorize more borrowing or face the country’s first ever debt default, likely sparking severe economic disruption in the United States and around the world.
Young, the director of the Office of Management and Budget, said this is “no less than a test of what works in this world. Does democracy still work, or does the Chinese way work?”
