U.S. President Joe Biden sounded upbeat on Wednesday as a divided Washington continued to work toward a bipartisan deal aimed at raising the federal borrowing cap and avoiding a market-shattering default.
U.S. President Joe Biden sounded upbeat on Wednesday as a divided Washington continued to work toward a bipartisan deal aimed at raising the federal borrowing cap and avoiding a market-shattering default.
“I’m confident there will be a budget deal and the United States will not default,” Biden said in a brief speech at the White House.
Biden also said, “We will continue discussions with congressional leaders over the next few days until an agreement is reached, which I will elaborate further on Sunday,” saying he plans to hold a news conference on Sunday.
Biden made the remarks shortly before departing for Japan for the Group of Seven (G7) summit. Earlier, Biden and House Speaker Kevin McCarthy (Kevin McCarthy…
U.S. President Joe Biden sounded upbeat on Wednesday as a divided Washington continued to work toward a bipartisan deal aimed at raising the federal borrowing cap and avoiding a market-shattering default.
“I’m confident there will be a budget deal and the United States will not default,” Biden said in a brief speech at the White House.
Biden also said, “We will continue discussions with congressional leaders over the next few days until an agreement is reached, which I will elaborate further on Sunday,” saying he plans to hold a news conference on Sunday.
Biden made the remarks shortly before departing for Japan for the Group of Seven (G7) summit. The move came after both Biden and House Speaker Kevin McCarthy said they had made positive progress in their second debt ceiling meeting on Tuesday.
Biden said on Wednesday he would cut short his trip to Asia in order to conduct final negotiations and sign a deal. He pledged to stay in touch with his staff and stay in close contact with McCarthy and other top U.S. lawmakers while attending the G7 summit.
In addition, Biden said he did not see scaling back his upcoming trip to Asia as a victory for China.
“We’re still in meetings. We still have four good allies,” Biden told reporters, referring to his plans to speak with leaders of the four nations, which include Australia, India, Japan and the United States, during the G7 summit.
Biden said he planned to speak or meet with Chinese President Xi Jinping at some point, which he said would happen “whether soon or not.”
(This article is translated from MarketWatch. MarketWatch is operated by Dow Jones, the parent company of The Wall Street Journal, but MarketWatch is independent of Dow Jones Newswires and The Wall Street Journal.)