US President Joe Biden has 48 hours to convince Congress to accept a new debt ceiling deal in order to avoid a potentially cataclysmic international market crash.

If he doesn’t, the US Government will run out of cash and be unable to pay its bills.

Finance reporter Scott Haywood told Millsy and Karl on 6PR Breakfast the issue continues to affect Australia’s share price.

“Our share market is going to open 30 points lower today; all of our share markets – particularly the banks – will certainly be nervous if this does default,” Mr Haywood said.

Press PLAY to hear more about the potentially catastrophic debt ceiling debate