Negotiators are racing to beat a deadline of June 1, which is when the Treasury Dept. said the U.S. could begin defaulting on its debts for the first time in history and risk financial catastrophe.
said Wednesday that he is confident the U.S. 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.
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.
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