According to some officials quoted by CBS News and the website Axios.com, President Biden will go to the G7 Group summit in Japan on Wednesday, but will not visit Australia and Papua New Guinea. In this context, Biden will no longer participate in the Australian summit of the Quadrilateral Organization for Security Dialogue (QUAD), a group that includes the United States, Australia, Japan and India.
Biden is working hard to avoid the United States going into default. On Tuesday, he met again with the Speaker of the House of Representatives, Kevin McCarthy, for negotiations in order to obtain the approval of the Congress to raise the ceiling of the sovereign debt of the United States.
The US Secretary of the Treasury, Janet Yellen, has repeatedly warned that the United States risks defaulting if Congress does not approve raising the sovereign debt ceiling. Default “could happen on June 1”, warned Janet Yellen recently.
Kevin McCarthy, the president of the House of Representatives, proposed, in mid-April, an addition of 1,500 billion dollars to the sovereign debt threshold, but conditioned the plan to reduce budget expenditures. Kevin McCarthy announced that he will continue negotiations with the Biden Administration on the basis of a plan to increase the sovereign debt threshold by 1,500 billion dollars, but he asked for the limitation of discretionary budget spending at the level of the fiscal year 2022, the capping at 1% of the increase in the budget deficit, the reactivation of unspent funds during the pandemic and the rejection of the law on funding intended for the Internal Revenue Service (IRS). Also, McCarthy would like to suspend the facilities approved by President Biden regarding credits for public higher education and cancel the tax credits granted by the Inflation Reduction Act. President Biden is demanding urgent action by Congress without any strings attached.
The United States has reached the sovereign debt ceiling set at $31.4 trillion since January, but the Treasury Department has continued to make payments through exceptional actions to manage existing resources and spending.
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