The president of the World Bank does not expect a default in the U.S.

World Bank (WB) President David Malpass said he does not expect the United States to default.

“I do not expect a default,” he said on CNN.

Malpass also expressed hope that the U.S. administration and the Republicans who control the U.S. House of Representatives can come up with a solution to avoid default. “I was pleased that the House of Representatives passed a bill to raise the national debt ceiling. That’s at least one thing already, negotiations are underway,” he added. The head of the WB also said that measures to curb spending should be worked out.

In January, the U.S. exceeded the legally set at $31.4 trillion national debt ceiling, after which the Treasury was forced to use emergency measures to continue its financial operations. The U.S. administration in recent months has called on Congress to raise the debt limit. Republicans who control the House of Representatives agreed to raise the debt ceiling, but on condition of significant cuts in budget spending. The White House rejected these demands, saying it was ready to discuss spending cuts, but lawmakers must raise the debt limit without conditions.

Earlier, the U.S. Treasury Secretary Janet Yellen sent a letter to congressional leaders in which she warned that the country could face a default on federal debt as early as June 1.

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