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Biden is confident that the US can still avoid defaulting on its debt

Date: March 4, 2024 Time: 04:44:15

The president of the United States, Joe Biden, has shown himself confident this Saturday that an agreement will be reached with the Republicans for the suspension of the debt ceiling. He said so when asked by the media at the G7 summit: “I still believe that suspension of payments can be avoided.” Biden made these statements in response to questions from the press at the beginning of his meeting with the Australian Prime Minister, Anthony Albanese, on the sidelines of the G7 summit that will be held from this Friday until Sunday in the Japanese city of Hiroshima. .

After the two leaders’ opening speeches, a reporter asked Biden if he was worried about negotiations with Republicans, to which he replied: “Not at all.” Biden affirmed that these types of negotiations take place “en face”, so that if the first meetings are not productive, the following ones are, and then the negotiating teams go back to the beginning to put their ideas on the table.

The exchange with the press -reported by Efe- was brief, but had a conflictive element. The US president sent for an Australian journalist who was trying to ask him when he was talking about the debt ceiling negotiations. “Please shut up,” Biden snapped.

The United States has never defaulted on its national debt, but from time to time it looks at that possibility because, unlike other countries, its Executive can only issue debt up to the limit established by Congress, which has the power to suspend that roof as you see fit.

The debt limit was reached in January

The current limit, of 31.4 trillion dollars, was reached last January. Currently, the government is drawing on money from its reserves to pay off the debts it has contracted, but the Treasury Department estimates that those reserves will run out on June 1, at which time the US would go into default. While the president is in Hiroshima for the G7, talks between the White House and the Republicans have continued in Washington with the intention of reaching an agreement before June 1.

According to the White House, the US president received an update on the status of the negotiations, which had run into problems for hours in recent hours, around 10:00 local time (1:00 GMT) this Saturday. Those negotiations were suspended for a few hours on Friday after a meeting without significant progress, but they resumed again that same day at night.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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