Biden announced progress in negotiations to avoid a default in the U.S.

Biden announced progress in negotiations to avoid a default in the U.S.

The U.S. administration and the U.S. Congress agree that the country’s default is unacceptable, and there is progress in the negotiations to raise the debt ceiling. This was announced by President Joe Biden.

“Speaker McCarthy and I have had some productive conversations. And in fact, our aides continue to have meetings right these minutes. And they’re making progress,” said the U.S. leader, who represents the Democratic Party of the United States. McCarthy, who holds the third-highest office in the U.S. government hierarchy, is a Republican.

“I have said several times that defaulting on the national debt is not an option. The Congressional leadership understands that. And they have all agreed that there will be no default,” Biden noted. In his view, “Congress must act now” to raise the national debt ceiling. “I want to be clear: The negotiations we are having with Speaker McCarthy are about what the federal budget will look like, not about default,” Joe Biden said.

According to the information presented by him, the U.S. government has reduced the budget deficit by $1.7 trillion over the last couple of years. “Speaker McCarthy and I, however, have very different views on who should bear the burden of the additional efforts to get our finances in order,” Biden emphasized. At the same time, he once again expressed the view that Republicans’ proposed cuts in government spending would primarily affect “important social programs that millions of working Americans and the middle class count on,” leading to layoffs of “teachers, police officers, border guards.”

The U.S. administration is proposing that Republicans in Congress take action to cut government spending by more than $1 trillion, freezing spending for the next two years, Biden recalled.

“And I believe the administration and Congress will come to an agreement that allows us to move forward and protect hard working Americans,” the president added.

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