The United States is on the brink of default for the first time in its history.

USA on the verge of default:

Treasury Secretary Janet Yellen has warned that the US could default on June 1 if the debt ceiling is not raised.

White House economists say that if America defaults, 8.3 million jobs will be lost in the country.

According to market experts, the stock market may fall by more than half if America defaults.

According to global economists, the US GDP will fall by 6.1 percent and the unemployment rate will increase by 5%.  

The banking crisis in America continues to deepen. The interest rate in the country is at its highest level since 2006.

According to experts, the possibility of a recession in the US is being expressed at 65 percent, which is quite high.

The dollar is getting weaker against the global currencies. If the debt ceiling is not increased, the condition may worsen.

Earlier, American rating agency Moody's Analytics had also made a similar estimate in March.

Let us tell you that if America defaults, then the effect of global recession can be seen on the whole world.