He said he and lawmakers will come together “because there’s no alternative.”
WASHINGTON — An optimistic President Joe Biden declared Wednesday he is confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying have been productive. He left for a G-7 summit in Japan but planned to return by the weekend in hopes of approving a solid agreement.
McCarthy was upbeat, too, though contending Biden had given ground. The president said the budget talks were still separate from the debt limit issue, but the speaker said Biden had “finally backed off” his refusal to negotiate.Biden said that every leader at Tuesday’s Oval Office meeting — Vice President Kamala Harris, 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.
Agreement by the negotiators would still leave any deal needing approval by Democratic Senate and Republican House. The national debt currently stands at $31.4 trillion. An increase in the debt limit would not authorize new federal spending; it would only allow for borrowing to pay for what Congress has already approved.
But Democrats are not at all willing to accept the 10-year cap on spending that Republicans approved in their own House bill, and the Democrats are instead pushing for a shorter window of budget cuts.
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Biden declares 'America will not default,' says he's confident of budget deal with GOP lawmakersPresident Joe Biden is declaring he's confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive. Biden made his remarks as he prepared to leave for a global summit in Japan. “I’m confident that we’ll get the agreement on the budget and America will not default,” Biden said from the Roosevelt Room of the White House. He said he and lawmakers will come together “because there’s no alternative.”
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Biden declares ‘America will not default,’ says he’s confident of budget deal with GOP lawmakersHe said he and lawmakers will come together “because there’s no alternative.”
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Biden declares 'America will not default,' says he's confident of budget deal with GOP lawmakersPresident Joe Biden said Wednesday that he was “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.
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