WASHINGTON: President Joe Biden said on Sunday (May 14) he remains 'optimistic' about finding an agreement with his Republican opponents to raise the US debt limit and avoid a default, which his administrat
, which his administration warned would cause"catastrophic" consequences.
The two sides have remained at an impasse despite weeks of warnings from government officials and bankers that a default could unleash drastic consequences, including a possible recession and likely global financial contagion."I remain optimistic because I'm a congenital optimist, but I really think there's a desire on their part as well as ours to reach agreement.
"If Congress failed to raise the debt limit by the time of default, we would go into a recession and it'd be catastrophic," he warned.US debt 'brinkmanship' risks serious costs: YellenBiden has stated he wants a"clean" hike of the debt ceiling, but Republicans are insisting any extension of the country's borrowing authority, currently capped at US$31.4 trillion, come with substantial curbs on spending.
Former president Donald Trump has encouraged Republican lawmakers to hold out for a default if Biden doesn't agree to"massive cuts". "The president's laid out a plan that includes US$3 trillion in debt relief over 10 years," Adeyemo said, referring to Biden's budget request unveiled in March, which featured tax increases on the wealthy and businesses.
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