“US President Joe Biden assures no bankruptcy as budget negotiations continue”

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US President Joe Biden has assured that the expected bankruptcy of the country will not occur. Budget negotiations are underway to increase the debt limit.

The US president assured reporters on Thursday that there would be no bankruptcy of the United States, and negotiations with the Republicans on raising the debt limit were productive. At the same time, he admitted that

the two sides have significantly different visions of the budget.

The president was referring to talks between the White House and Speaker of the House of Representatives Kevin McCarthy about the budget and raising the debt limit before the beginning of June, when the US is to run out of funds to meet all financial obligations.

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Negotiations are ongoing

Biden announced that although he would not agree to the deep budget cuts postulated by Republicans, including regarding social programmes, talks with the leader of the opposition are productive and concern “budget outlines, not bankruptcy”. He assured that there would be no insolvency of the state.

“Spiker McCarthy i and

we have very different views on who should bear the brunt of the extra effort

to put our finances in order. I don’t think the whole burden should fall on the backs of working-class and middle-class Americans,” Biden said.

According to Reuters, both sides are getting closer to working out a compromise, but it will have to be passed by Congress, where politicians on both sides expressed vehement opposition to compromise solutions.

To avoid default, Congress must raise the debt ceiling – currently set at $31.4 trillion – before June 1, the Treasury Department said.

Source: PAP

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