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Post: Biden admits not attending G7 summit due to national debt situation


US President Joe Biden. archive photo

Biden admitted that he might miss the G7 summit due to the situation with the public debt in the US.

MOSCOW, May 10 – RIA Novosti. US President Joe Biden admitted that he could stay in the country due to the public debt situation and would not attend the G7 summit to be held in Hiroshima, Japan on May 19-21.

Asked whether the G7 summit trip could be postponed due to financial problems in the country, Biden said he was determined to go to Japan, but that the problem of public debt and a possible default were “the most important thing”. on the agenda.”

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At the same time, it’s “possible, but unlikely,” that he won’t be at the G7 summit, according to Biden.

Biden on Wednesday said a possible default would be devastating for the US economy if talks to raise the national debt ceiling fail.

US Treasury Secretary Janet Yellen previously sent a letter to Congress, stating that officials could exhaust emergency measures by June 1 in connection with the national debt ceiling being reached, which could lead to default. If the default turns out to be long-term, the United States risks losing 6.1% of GDP and nearly 8 million jobs in the third quarter of 2023, according to an analysis previously released by the White House Council of Economic Advisors.

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Source: Ria

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