Biden: US debt talks progressing but not yet at breaking point
WASHINGTON, May 13 – RIA Novosti. US leader Joe Biden said on Saturday that negotiations between the US administration and Congress leaders on raising the national debt ceiling are progressing, but “have not yet reached a breaking point”.
“They’re moving forward, these are real discussions,” Biden said in a brief conversation with reporters from the White House pool. Asked when his next meeting with Congressional leaders on the matter would take place, he refused to answer.
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The head of state has made it clear that the turning point in these discussions has not yet come. “We’re not at the tipping point yet,” Biden said.
Biden said this week that if negotiations to raise the national debt ceiling fail, a possible default would put the United States in default, which would create problems for the entire world. He warned that in such a case the US economy would “fall into recession” and that the US’s “reputation in the world would be greatly damaged”.
A day ago, it was learned that a new round of debate scheduled for Friday, which will include Biden and the four Congress leaders, has been postponed until next week. A new meeting date has not been announced. Representatives of the parties are expected to continue technical talks throughout the weekend. Commenting on the course of negotiations between the administration and Congress on the public debt at the White House, those who commented on the recent talks described the recent talks as fruitful.
The U.S. Treasury notified Congress in January that “extraordinary measures” had begun in connection with reaching the estimated national debt ceiling of $31.381 trillion. The White House demands Congress raise the ceiling without any conditions. And the House of Representatives, controlled by the Republican opposition, attributes the move to budget cuts. Meanwhile, US Treasury Secretary Janet Yellen warned that the government would likely not be able to meet its obligations until 1 June without a decision on the public debt.
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