Biden says ’confident’ in reaching deal to avert default

President Joe Biden said he is confident the US will avoid an unprecedented and catastrophic debt default, saying talks with congressional Republicans have been productive

AP
Published17 May 2023, 09:06 PM IST
US President Joe Biden speaks about debt negotiations in the Roosevelt Room of the White House in Washington, DC, on May 17, 2023.
US President Joe Biden speaks about debt negotiations in the Roosevelt Room of the White House in Washington, DC, on May 17, 2023.(AFP)

President Joe Biden said Wednesday that he is confident the US will avoid an unprecedented and catastrophic debt default, saying talks with congressional Republicans have been productive 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.”

Biden’s remarks came just before he departed Washington for the Group of Seven summit in Hiroshima, Japan, and one day after he convened a second Oval Office meeting with congressional leaders to determine how to avert debt default.

The president and House Speaker Kevin McCarthy, R-Calif., tasked a handful of negotiators to try and close out a final deal, with negotiations beginning late Tuesday. Those people include Steve Ricchetti, counselor to the president; legislative affairs director Louisa Terrell and Office of Management and Budget director Shalanda Young for the administration, and Rep. Garret Graves, R-La., a close McCarthy ally, for the Republicans.

“I think at the end of the day we do not have a debt default,” McCarthy told CNBC’s “Squawk Box” on Wednesday. “The problem is, the timeline is very short.”

Negotiators have been scrambling to strike an agreement that would unlock a path forward for raising the debt limit by June 1, which is when the Treasury Department says the U.S. could begin defaulting on its obligations and trigger financial chaos.

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.

Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:17 May 2023, 09:06 PM IST
Business NewsNewsWorldBiden says ’confident’ in reaching deal to avert default

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    ITC share price

    481.30
    03:52 PM | 6 NOV 2024
    1.25 (0.26%)

    Tata Steel share price

    153.60
    03:59 PM | 6 NOV 2024
    1.3 (0.85%)

    Infosys share price

    1,824.30
    03:58 PM | 6 NOV 2024
    70.5 (4.02%)

    Larsen & Toubro share price

    3,646.65
    03:44 PM | 6 NOV 2024
    71.25 (1.99%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    National Aluminium Company share price

    245.00
    03:55 PM | 6 NOV 2024
    10 (4.26%)

    EPL share price

    270.15
    03:42 PM | 6 NOV 2024
    8.15 (3.11%)

    Firstsource Solutions share price

    380.35
    03:53 PM | 6 NOV 2024
    10.95 (2.96%)

    City Union Bank share price

    178.85
    03:29 PM | 6 NOV 2024
    0.15 (0.08%)
    More from 52 Week High

    Hindustan Zinc share price

    513.15
    03:54 PM | 6 NOV 2024
    -46.3 (-8.28%)

    Great Eastern Shipping Company share price

    1,257.65
    03:53 PM | 6 NOV 2024
    -36.35 (-2.81%)

    Five Star Business Finance share price

    654.85
    03:43 PM | 6 NOV 2024
    -18.8 (-2.79%)

    Triveni Engineering & Indus share price

    406.00
    03:29 PM | 6 NOV 2024
    -11.25 (-2.7%)
    More from Top Losers

    Syrma SGS Technology share price

    554.00
    03:51 PM | 6 NOV 2024
    47.45 (9.37%)

    Dixon Technologies (India) share price

    15,658.95
    03:43 PM | 6 NOV 2024
    1262.95 (8.77%)

    Tejas Networks share price

    1,409.95
    03:55 PM | 6 NOV 2024
    101.7 (7.77%)

    Eclerx Services share price

    3,263.35
    03:52 PM | 6 NOV 2024
    231.45 (7.63%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,365.00110.00
      Chennai
      80,371.00110.00
      Delhi
      80,523.00110.00
      Kolkata
      80,375.00110.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      100.80/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in News

        HomeMarketsPremiumInstant LoanMint Shorts