Biden says both U.S. parties consider default unacceptable

President Biden is confident in the unanimity of Republicans and Democrats in Congress on the inadmissibility of default in the United States, his position was confirmed at Tuesday’s consultations.

“I think there was a full consensus in today’s meeting with congressional leaders that default is simply not an option. Our economy would be in recession, it would destroy retirement savings, it would increase the cost of borrowing,” the president stressed. – And, according to ratings agency Moody’s, nearly 8 million Americans would lose their jobs. And our reputation in the world would be severely damaged if we let that happen.

Biden said he thought the White House consultations were productive. Biden said he thought the White House consultations were productive and that they focused on “what we need to do to prevent America from defaulting for the first time in history. “There’s still work to be done, but I made it clear to the Speaker and the others that we will talk regularly over the next few days, and aides will continue to meet every day to make sure there is no default,” Joe Biden explained.

“I am disappointed that during our consultations, Republicans in Congress were unwilling to discuss raising revenues. But disagreements on policy issues between our parties should not prevent Congress from avoiding default,” the president added. – Again, I made clear in today’s meeting that default is not an option.”

Kevin McCarthy (Republican from California), the speaker of the House of Representatives, said after the White House consultations: “There is an opportunity to make a deal by the end of the week, it’s not that difficult to reach an agreement. When asked if there were still serious differences between Republicans and Democrats, he replied in the affirmative. The speaker added that the meeting had “set the stage for continued discussion.”

Other participants in the consultations included Senate Republican Minority Leader Mitch McConnell (from Kentucky), Democratic Minority Leader of the Lower House Hakeem Jeffries (from New York), and Senate Democratic Majority Leader Chuck Schumer (from New York).

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