President Biden said Wednesday that he was “confident” that the U.S. would avoid an unprecedented and catastrophic debt default, saying the talks were productive as he prepared to leave for a global summit in Japan. biden kprc2 click2hou debt us
Biden's upbeat remarks came as a select group of negotiators began meeting to try and hammer out the final contours of ato unlock a path for raising the debt limit as soon June 1. That is when the Treasury Department says the U.S. could begin defaulting on its obligations and trigger financial chaos.
Biden said that every leader at Tuesday's Oval Office meeting — Vice President Kamala Harris, McCarthy, House Minority Leader Hakeem Jeffries, D-N.Y., Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky. — agreed the U.S. must not default on its obligations.
Agreement by the negotiators would still leave any deal needing approval by Democratic Senate and Republican House. The national debt currently stands at $31.4 trillion. An increase in the debt limit would not authorize new federal spending; it would only allow for borrowing to pay for what Congress has already approved.
But Democrats are not at all willing to accept the 10-year cap on spending that Republicans approved in their own House bill, and the Democrats are instead pushing for a shorter window of budget cuts.
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Biden declares 'America will not default,' says he's confident of budget deal with GOP lawmakersPresident Joe Biden is declaring he's confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive. Biden made his remarks as he prepared to leave for a global summit in Japan. “I’m confident that we’ll get the agreement on the budget and America will not default,” Biden said from the Roosevelt Room of the White House. He said he and lawmakers will come together “because there’s no alternative.”
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Biden declares ‘America will not default,’ says he’s confident of budget deal with GOP lawmakersHe said he and lawmakers will come together “because there’s no alternative.”
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Biden declares 'America will not default,' says he's confident of budget deal with GOP lawmakersPresident Joe Biden said Wednesday that he was “confident” that the U.S. would avoid an unprecedented and catastrophic debt default, saying the talks were productive as he prepared to leave for a global summit in Japan.
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Biden declares ‘America will not default,’ says he’s confident of budget deal with GOP lawmakersHe said he and lawmakers will come together “because there’s no alternative.”
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Opinion | GOP’s Presidential Candidate Must Find America’s Moral CenterFrom WSJopinion: The candidate who best expresses Americans’ yearning for cultural moderation and common sense will have a huge advantage in next year’s presidential contest, writes William Galston
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AOC warns Biden not to negotiate with GOP on budget: 'Expect pushback' on any major concessionsProgressive Squad members warned President Biden he could face 'huge backlash' in 2024 if he gave up anything they wanted in debt ceiling negotiations, according to a report.
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