The Chairman of the Joint Chiefs of Staff, General Mark Milley, expressed concerns about the potential consequences of a US debt default during a news conference on

Thursday. He emphasized that such a default would cause significant and undeniable damage to national security, adversely affecting military readiness, morale, and capabilities.

According to General Milley, a failure to reach a debt ceiling agreement and subsequent default would have far-reaching negative implications for the United States military. He stated, "I think there's no doubt whatsoever that there would be a very significant negative impact on the readiness, morale, and capabilities of the United States military if we defaulted and didn't reach a debt ceiling thing." He further emphasized that a default would have clear and unambiguous implications on national security.

President Joe Biden and Republican House Speaker Kevin McCarthy were reported to be nearing an agreement on raising the nation's $31.4 trillion debt ceiling. However, some hardline House Republicans have resisted any compromise and insisted on including substantial spending cuts in any agreement.

The US Treasury has issued warnings that it could face a shortage of funds to cover its expenses as early as June 1, potentially triggering an economically catastrophic default if Congress fails to reach a resolution.

Economists have highlighted that a debt default would have severe economic consequences, causing significant disruptions in global financial markets, driving up borrowing costs, and potentially plunging the United States into a deep recession characterized by high unemployment rates. Photo by Chief Petty Officer Carlos M. Vazquez II and Benjamin Applebaum, U.S. Department of Defense, Wikimedia commons.