“I am confident that we will get an agreement on the budget and that America will not go into default,” said President Biden before leaving for the G7 Group summit scheduled in Japan.
Biden stressed that Tuesday’s meeting with House Speaker Kevin McCarthy, House Democratic Leader Hakeem Jeffries, Senate Democratic Leader Chuck Schumer, and Senate Republican Leader Mitch McConnell was “productive.” , stressing that they agreed that the United States would avoid default.
“It would be catastrophic for the American economy and the American people if we don’t pay off our debt. I’m confident that everyone here agreed that we have to come together because there is no alternative. We have to do what’s right for the country, we have to act,” Biden insisted.
Despite the progress, Biden will cut short his tour of the Asia-Pacific region, to give more time to negotiations with Congress leaders. 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.
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