US President Joe Biden, following talks with Congressional leaders, announced his readiness to discuss spending cuts. He did not rule out a short-term increase in the national debt ceiling. According to the American leader, a default would be devastating for the country.
Mr. Biden called the meeting with the leaders of Congress productive, although the Speaker of the House of Representatives, Republican Kevin McCarthy, earlier said there was no progress after the negotiations. “I told the leaders of Congress that I was ready to start a separate discussion about my budget, spending priorities, but not under the threat of a default,” Mr. Biden told reporters (quoted from Associated Press).
The President of the United States is absolutely sure that the country will be able to prevent a default. In his opinion, America’s default is “not an option.”
Joe Biden does not intend to refuse to participate in the G7 summit in Japan on May 19-21 amid problems in the United States. However, he noted that default prevention is the most important issue on the agenda.
Treasury Secretary Janet Yellen earlier told Congress that the US could default on its debt as early as June 1 if lawmakers don’t raise the $31.4 trillion limit on borrowing. Many Republicans oppose raising public debt levels without budgetary reforms.
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2023-05-09 23:28:40
