Biden ‘Confident’ on Reaching Debt Deal as He Heads to Japan
May 17, 2023
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0:56Now PlayingBiden ‘Confident’ on Reaching Debt Deal as He Heads to Japan
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as posted by the channelPresident Joe Biden expressed confidence that negotiators would reach an agreement to avoid a catastrophic default, seeking to reassure markets before he departs on a trip to Japan.
“I’m confident that we’ll get the agreement on the budget and that America will not default,” Biden said Wednesday at the White House, shortly before he plans to depart to Hiroshima for a Group of Seven leaders summit.
The president said he would be in close contact with negotiators and House Speaker Kevin McCarthy. On Tuesday, Biden and congressional leaders agreed to a new narrower round of staff-level talks with hopes of reaching a bipartisan deal to avoid an unprecedented US default. The US president also announced he was canceling planned stops in Australia and Papua New Guinea, and would return to Washington by the beginning of next week for continued negotiations.
Both lawmakers and White House officials have expressed cautious optimism following the meeting, and stocks rose and Treasuries fell Wednesday on hopes of a breakthrough. Still, the Treasury Department has warned the US could breach the debt ceiling as soon as June 1. Economists have warned that a default would spike borrowing costs, rattle markets and prompt widespread job losses.
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