The White House assured this Friday that “stable progress” has been made in talks with Republicans in Congress to suspend the debt ceiling.
President Joe Biden, who is in Hiroshima to attend the G7 summit, spoke with his team in Washington this Friday for 20 to 30 minutes to find out the status of the talks, a White House spokeswoman said. . Karine Jean-Pierre,
In that phone call, Biden was informed that “stable progress” had been made in talks with the Republican opposition, a senior US official elaborated.
The United States has never defaulted on its national debt, but from time to time it sees that possibility because, unlike other countries, its executive can issue debt only up to the limits established by Congress, which has that Has the power to suspend the limit. you see fit.
The current limit of 31.4 billion was reached last January. The government is currently drawing on its reserves to pay off its debt, but the Treasury Department estimates that these reserves will run out on June 1.
After attending the G7 summit, which begins in Hiroshima today and ends on Sunday, Biden is scheduled to attend the Pacific Islands Forum in Papua New Guinea and the Quad summit (USA, Australia, India and Japan) in Australia. planned.
However, he soon decided to cancel those trips to return to Washington and continue talks with Republicans.