Via Daily Caller:

President Joe Biden has reportedly “pressed” his team to prepare for the possibility of an economic crash similar to the one experienced in 2008, The New York Times reported Wednesday.

Biden was “scarred” by the historic economic troubles that occured during his stint as vice president, and has asked members of the administration to estimate the chances that the U.S. will undergo a similar crisis, the NYT reported. Four administration officials from different agencies told the outlet that they did not believe a meltdown was imminent, but that heightened interest rates were significantly increasing the risk of a financial crisis.

Biden has hosted several meetings in recent weeks focused primarily on discussing emerging economic issues around the world, with a particular interest in recent events in Britain, the NYT reported. The value of the British pound collapsed after a controversial tax cut plan spurred investor fears of runaway inflation, but after the plan was reversed, markets showed signs of a rebound, according to CNBC.

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