Sunday, June 4, 2023

US debt limit: deal can be done by the end of the week

A window opens. After an hour of talks between Democratic President Joe Biden and Republican Congressman Kevin McCarthy, the latter assured that the two sides are still far from agreeing but “it is possible to reach an agreement before the end of the week.”

At the conclusion of the meeting, McCarthy said, “It’s not that hard to reach an agreement.” Democrats were not as optimistic, but the White House described the meetings as “productive and productive.” Biden said, “There is still work to be done.” “We are moving to make sure that the United States does not default on its debt,” he said.

Biden is pushing Republicans to accept his methods of raising revenue, such as raising taxes on the wealthy and corporations, to fund his 2024 budget, but Republicans want Biden to accept spending cuts in the federal budget. do

“We know we’re not going to default,” said Senate Republican leader Mitch McConnell.

The United States could default on some debt on June 1 unless Congress votes to raise the debt ceiling, and economists fear that could lead to a recession with global implications.

Biden will cut short his trip to the Indo-Pacific starting Wednesday, with a historic stop in Papua New Guinea as well as a trip to Australia for talks with Quad leaders. The cancellation of two of the trip’s three legs represents a blow to the administration’s foreign policy and rapprochement with the Pacific region.

On Wednesday, Biden travels to Hiroshima, Japan, to attend a G7 summit with leaders of some of the world’s largest economies. He will return to the US on Sunday to announce a possible deal with Republicans.

“I am going to postpone my trip to Australia and my stop in Papua New Guinea to return for final talks with Congressional leaders,” the president remarked, “It is in the nature of the president to address many.” important issues for the time being. That’s why I’m confident that we will continue to move forward to avoid default and fulfill America’s responsibility as a leader on the world stage.”

Nation World News Desk
Nation World News Desk
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