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- Traders are fretting that the US government will fail to repay its debts.
- One-year government credit default swaps hit their highest price since 2008 last week, according to Bloomberg data.
- President Joe Biden has said that a US default would be "a calamity."
The cost of insurance against the US failing to repay its debts rose to its highest level since the financial crisis last week, as traders worried that political deadlock in Washington might lead to a default.
One-year government credit default swaps traded at 106 basis points Saturday – the most expensive they've been since 2008, according to a Financial Times report that cited Bloomberg data.