Biden says US 'default is not an option'
Sign up now: Get ST's newsletters delivered to your inbox
President Biden warned of dire economic consequences that would ensue.
PHOTO: REUTERS
Follow topic:
WASHINGTON – President Joe Biden said on Tuesday he made clear in a meeting with top Republican lawmakers that a United States default “is not an option”, as both sides failed to reach a breakthrough on the country’s debt limit.
Republican House Speaker Kevin McCarthy and Mr Mitch McConnell, the Senate minority leader, met with Mr Biden at the White House in the latest round of a power struggle threatening massive consequences for the world’s largest economy.
The Republicans were also joined by the top two congressional Democrats: Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries.
While they did not reach an agreement on raising or suspending the debt ceiling, the group will meet again on Friday.
“We need to take the threat of default off the table,” Mr Biden said after the talks, warning of dire economic consequences that would ensue.
Asked if he was considering postponing his upcoming trip to Asia for Group of Seven meetings, Mr Biden added that he is “still committed” to attending but added that the debt ceiling talks were crucial.
He conceded it was “possible” he did not make the trip, telling reporters: “If somehow we got down to the wire and still haven’t resolved this... I would not go.” AFP
