President Biden said that he is confident the U.S. will avoid an unprecedented and catastrophic debt default, saying talks with congressional Republicans have been productive as he prepared to leave for a global summit in Japan.
By SEUNG MIN KIM and LISA MASCAROPresident Joe Biden says he is “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. President Joe Biden says he is “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’s upbeat remarks came as a select group of negotiators began meeting to try and hammer out the final contours of a budget spending agreement to unlock a path forward for raising the debt limit by June 1. That is when the Treasury Department says the U.S. could begin defaulting on its obligations and trigger financial chaos.
Biden stressed that every leader — 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. would not default on its obligations.Job cuts, no Social Security checks: How consumers could be pinched by a US government default
Soon after his remarks on Wednesday, Biden was leaving for the Group of Seven summit in Hiroshima, Japan. The president said he would be in “constant contact” with White House officials while attending the summit.
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