"Confident" In Reaching Deal To Avert US Debt Default, Says Joe Biden
"The leaders have all agreed we will not default," Joe Biden said in brief remarks at the White House, shortly before departing for the G7 meeting of world leaders in Japan.
President Joe Biden said Wednesday he is confident a deal can be reached with Republicans leaders to avert a potentially catastrophic US debt default as early as June 1.
"The leaders have all agreed we will not default," Biden said in brief remarks at the White House, shortly before departing for the G7 meeting of world leaders in Japan.
Biden and congressional leaders including House speaker Kevin McCarthy have held two rounds of face-to-face talks to try and reach an agreement to raise the US borrowing limit and thus allow the country to pay for its existing obligations.
After the latest negotiations on Tuesday ended without a breakthrough, McCarthy told reporters there was still "a lot of work to do" to break the high-stakes standoff with Democrat Biden over the debt ceiling.
Republicans continue to insist Biden must agree to significant spending cuts in exchange for their support to raise the ceiling, ignoring repeated Democratic calls for a "clean" increase of the borrowing limit with no strings attached.
Democrats have accused Republicans of using extreme tactics to push their political agenda ahead of the so-called "X-date" at which the United States starts defaulting on its debts because the government has run out of money.
Biden confirmed Wednesday that he was cutting short a wider tour to the Asia-Pacific region which included a meeting with the Australian premier and a stop in Papua New Guinea, and planned to return to Washington Sunday for "final" debt ceiling negotiations.
But he insisted once more that default was not an option.
"It would be catastrophic for the American economy and the American people if we didn't pay our bills," he said.
"America is not a deadbeat nation. We pay our bills," he added.
"The leaders have all agreed we will not default," Biden said in brief remarks at the White House, shortly before departing for the G7 meeting of world leaders in Japan.
Biden and congressional leaders including House speaker Kevin McCarthy have held two rounds of face-to-face talks to try and reach an agreement to raise the US borrowing limit and thus allow the country to pay for its existing obligations.
After the latest negotiations on Tuesday ended without a breakthrough, McCarthy told reporters there was still "a lot of work to do" to break the high-stakes standoff with Democrat Biden over the debt ceiling.
Republicans continue to insist Biden must agree to significant spending cuts in exchange for their support to raise the ceiling, ignoring repeated Democratic calls for a "clean" increase of the borrowing limit with no strings attached.
Democrats have accused Republicans of using extreme tactics to push their political agenda ahead of the so-called "X-date" at which the United States starts defaulting on its debts because the government has run out of money.
Biden confirmed Wednesday that he was cutting short a wider tour to the Asia-Pacific region which included a meeting with the Australian premier and a stop in Papua New Guinea, and planned to return to Washington Sunday for "final" debt ceiling negotiations.
But he insisted once more that default was not an option.
"It would be catastrophic for the American economy and the American people if we didn't pay our bills," he said.
"America is not a deadbeat nation. We pay our bills," he added.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Comments
Oh ya 23 days ago
The Republicans will fold as they are the party that can not stand winning. The US is borrowing money now to pay the interest on the money they already owe. Just a matter of time before they become another Zimbabwe. But the goverment has this great plan of a CBDC and the average brain dead Americans will jump for that not understanding that the government has now got complete control over you then
