“If America defaults, nearly eight million Americans will lose their jobs and the United States will slide into recession. This is not an option.” Joe Biden tweeted that he will be flying to Japan today for the G7 Summit in Hiroshima. A trip the White House tenant had to cut short, skipping stops in Australia and Papua New Guinea just to get back to Washington as soon as possible to seek agreement with the Republicans and avoid the worst-case scenario.
In fact, time is not just running out, it is running out, and without increasing the debt ceiling, the United States could default on June 1, unleashing an “unprecedented economic and financial storm,” as the Treasury Secretary said yesterday. Janet Yellen sounds the alarm about an emergency whose solution remains elusive.
House Speaker Kevin McCarthy said at the end of the meeting at the White House with Biden and the Democratic leaders trying to get out of the deadlock that has arisen. . “We have a lot of work to do in a short time,” he said, praising the president’s decision to appoint two people to deal directly with McCarthy’s team, thus trying to save time. Biden has asked his staff to continue meetings on issues to be resolved: The president is — according to White House reports — optimistic about the possibility of reaching a “responsible bipartisan agreement if the parties continue to negotiate in good faith.”
“We must find a bipartisan agreement” that avoids a “catastrophic” default, Senate Democratic leader Chuck Schumer remarked as he left the White House. Behind the scenes, administration officials and Republicans are working hard to avert a catastrophic default that would also jeopardize
American Classification. In an effort to soften the deal, a small group of moderate Democrats also assured McCarthy that they would support him if the debt ceiling deal caused an insurrection among conservatives and a call for his removal as Speaker. It is believed that an opening might push the Republican leader in the chamber to make greater concessions in awareness of his secure political future.
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