On Tuesday, the White House held talks on raising the national debt ceiling between US President Joe Biden and US lawmakers.
In attendance were House Speaker Kevin McCarthy, House Minority Leader Hakim Jeffreys, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell.
– We are running out of time. We want to be sure that we will avoid a default, but they (the Biden administration – ed.) should take this seriously, and so far they haven’t, McCarthy told ABC News before the start of negotiations.
Against the background of a deadlock in negotiations, the White House even announced that it would consider postponing Biden’s visit to Australia and Papua New Guinea.
A few hours before the meeting, Treasury Secretary Janet Yellen said the economic impact of the unprecedented default could lead to a recession.