“White House confident of breaking through debt ceiling despite Republican negotiations”

The White House is confident that it will break through the ‘debt ceiling’, although the negotiations have not yet settled, the stock market has fallen after the Republicans asked to suspend talks.

AFP news agency reported that US President Joe Biden remains “confident” of ending the deadlock in talks to raise the debt ceiling. Although there are real differences with the Republican Party. According to Carine Jean-Pierre, White House press secretary. On Saturday (May 20), President Biden was attending the Group of Seven Industrialized Nations (G7) summit in Hiroshima. Japan

“There is still a real difference. But the president is confident that there is a path forward. said Jean-Pierre. This comes after negotiations to increase the debt ceiling between Democrats and Republicans. On Friday in Washington, May 19, halted when Republicans who wanted the White House to accept budget cuts in return for a green light to increase borrowing power to the US government. said they wanted to suspend negotiations for a while

That stance has fueled fears that the two sides will not be able to reach an agreement to raise the debt ceiling, currently at $31.4 trillion. Before the so-called “X date”, the US government will go broke and sink into a debt default that could cause economic disaster. which is expected to happen as soon as June 1

However, Republican House Speaker Kevin McCarthy said talks on the debt ceiling would resume late Friday. May) local time which the White House press secretary said Resuming talks after the Republicans paused means we’re really optimistic, and that what’s important is the talks that just concluded.

President Biden Who has cut down his travel plans and will return to the White House on Sunday (May 21), has heard the conclusion of ongoing negotiations in Washington.

A pause in debt ceiling negotiations by Democrats and Republicans also weighed on trading on US Wall Street on the same day. with major stock indices falling The S&P 500 was down 0.1% at 4,191.98, while the Nasdaq Composite was down 0.2% at 12,657.90 after trading in the previous two days and early trading on Friday. This was increased as the market was optimistic about the deal.