Biden and Republican leaders hold emergency meeting over debt default and raising the debt ceiling

Now in the United States, President Biden and the opposition leaders held an emergency meeting as the government faces an imminent default on its debts.

As President Biden made clear his opposition to the Republican Party’s demand to cut the budget instead of raising the debt ceiling, the two sides eventually failed to find a point of contact.

This is Washington Correspondent Kwon Joon-gi.

[기자]

President Biden and the leaders of the House and Senate met at the White House.

It is to discuss the issue of raising the debt ceiling with about 20 days left before the default, the so-called default time bomb, explodes.

[조 바이든 / 미국 대통령 : 취재하러 오신 여러분 환영합니다. 질문은 받지 않고 바로 회동을 시작하겠습니다. 당면한 모든 문제를 풀어 보겠습니다.]

The meeting, which ended in an hour, ended up empty-handed.

The Republican Party has made it clear that the Biden administration’s irresponsible fiscal spending can no longer be seen.

He argued that budget cuts for next year are inevitable, saying that if you cannot pay your debts, you should at least reduce your spending.

[케빈 매카시 / 미 하원 의장 : 회동에 참석한 모두가 기존 입장만 재확인했습니다. 새로운 움직임은 보지 못했습니다. 대통령은 우리가 다시 만나야 한다고 말했지만 저는 이제 남은 시간은 2주밖에 없다는 점을 분명히 했습니다.]

President Biden also did not bend his position that the debt ceiling should be increased without conditions, saying that the Republican Party was holding the US economy hostage.

It is said that the last Trump administration also increased the debt ceiling three times, and the Republican Party became the opposition party and took hostages.

[조 바이든 / 미국 대통령 : 공화당은 가혹하고 엄청나게 어려운 예산 삭감을 얻어내려고 부채한도를 인질로 삼으려 하고 있습니다.]

The Treasury Department took June 1st as the so-called X-date, the expected date of default, saying that the government’s discretion to issue government bonds had also reached its limit.

However, there are observations that there is not enough time for negotiations, such as the White House emergency meeting ending without results and President Biden visiting Japan next week to attend the G7 meeting.

As a result, the American media are discussing the ‘déjà vu of 2011’, which shocked the world economy during the Obama administration and went to the brink of default.

The fact that the presidential election is ahead next year also makes the calculations surrounding the budget more complicated.

This is because the gap between President Biden, who needs to release money to win public opinion, and the Republican Party, who needs to reduce spending, is that large.

This is YTN Junki Kwon from Washington.

Cinematographer: Kang Yeon-oh

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