Global Courant 2023-05-17 20:57:55
WASHINGTON
US President Joe Biden said on Wednesday he was “confident” that his team and congressional leaders would come to a deal to make sure the country didn’t pay off its national debt.
As Biden prepares to leave Washington for a meeting of the leaders of the world’s wealthiest democracies in Japan, he said Tuesday’s final round of talks was “civil, respectful” and “productive”.
“Every leader in the chamber is aware of the consequences if we don’t pay our bills, and if we don’t pay our bills it will be disastrous for the American economy and the American people,” he told reporters before heading to the G-7. peak in Hiroshima.
“We will come together because there is no alternative. We have to do what is right for the country. We have to move forward. To be clear, this negotiation is about the outline of what the budget will look like.
The U.S. faces a June 1 deadline to raise the debt ceiling — the amount the country is legally allowed to borrow — or faces a default that will send shock waves through the global economy.
Republican Speaker of the House of Representatives Kevin McCarthy has demanded that any deal to raise the debt limit be accompanied by the budget cuts he and his party group have long sought.
Negotiations are scheduled to continue Wednesday as Biden and McCarthy select senior members of their team to negotiate on their behalf to reach a final agreement.
But Biden is almost certain to interrupt his trip by canceling a planned stop in Australia and Papua New Guinea, which is supposed to follow his visit to Japan. He would become the first US president to visit Papua New Guinea.
The president now plans to return to the United States on Sunday and hold a press conference about the negotiations.
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