President Biden 'confident' there will be no US debt default
(VOVWORLD) -US President Joe Biden said Wednesday that he is confident the US will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive.
 US President Joe Biden (Photo: AFP/VNA) |
He left for a G7 summit in Japan, but plans to return to the US by the weekend hoping to approve a solid agreement.
“I’m confident we’ll get an agreement on the budget and America will not default. It would be catastrophic for the American economy and the American people if we didn’t pay our bills. Yesterday, we all agreed that both Speaker McCarthy and I would designate senior members that we will give authority to make agreements in detail. We narrowed the group that will meet and hammer out our differences,” Biden said.
The US could default on its obligations as soon as June 1 if Congress doesn't raise the debt limit before then. President Biden is postponing his visits to Papua-New Guinea and Australia to focus on the debt limit standoff at home.