Why we don't entirely know what would come after a US debt default REUTERS/Kevin Lamarque Kevin Lamarque/Reuters President Joe Biden hosts debt limit talks with House Speaker Kevin McCarthy (R-CA), Senate Minority Leader Mitch McConnell (R-KY) and Senate Majority Leader Chuck Schumer (D-NY) in the Oval Office at the White House in Washington, U.S., May 9, 2023. But in the meantime, we need to take the threat of default off the table.” “As I’ve said all along, let’s discuss what we need to cut, what we need to protect, what new revenue we can raise and how to lower the deficit to put our fiscal house in order. But I am squarely focused on what matters and we’re getting to work,” Biden said in the Roosevelt Room. “Look, over these last few days and weeks … there’s a lot of politics, posturing and gamesmanship that’s going to continue for a while. The president said he “made it clear” during the meeting “that default is not an option,” adding that he’s “absolutely certain” the US can avoid defaulting on its obligations because an “overwhelming number of members of … Congress know it would be a disaster.” But Biden and congressional Democrats have insisted on passing a clean increase on the debt limit before addressing a framework for spending.Īfter the meeting, Biden told reporters that White House and congressional leadership staff will meet daily before Friday’s top-level meeting. House Republicans want to attach spending reductions to a debt ceiling increase and have passed a debt limit plan that does just that. President Joe Biden and top congressional leadership will meet again on Friday after they emerged from their hour-long meeting in the Oval Office on Tuesday with little to show that they’re moving toward a deal to raise the debt ceiling and avoid a default that would have catastrophic economic consequences.
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