US President Joe Biden will not be traveling to Australia for the Quadruple Security Dialogue (QUAD) summit due to the US public debt situation. It has been reported NBC.
According to the channel’s sources, the American leader will return to Washington after the Group of Seven (G7) summit in Hiroshima on May 19-21. It was noted that Biden will take a break from his Asia tour to focus on reaching an agreement on raising the US national debt ceiling.
As House Speaker Kevin McCarthy noted, the White House and Congress are still a long way from an agreement on raising the national debt ceiling.
formerly known as Biden declaration about the lack of progress in negotiations with the Republicans to avoid default in the country.
May 9 US Treasury Secretary Janet Yellen spoke The US will face economic chaos if US authorities do not raise the public debt ceiling. If a default is declared, the country will face a financial crisis. As one of the options to avoid such a scenario, Yellen suggested using the 14th Amendment to the Constitution, which allows avoiding a default by bypassing the position of the legislature.