President Joe Biden expressed optimism Saturday that a resolution will be found to the US debt ceiling crisis to avoid plunging the world’s biggest economy into default.
“I still believe we’ll be able to avoid a default,” he told reporters at the G7 summit in Hiroshima, Japan.
President Biden stated on Saturday at the Group of Seven (G7) summit that he hopes the United States will avoid default as the deadline for Congress to achieve an agreement approaches.
Biden stated at a news conference in Hiroshima, Japan, that he is “not at all” concerned about current debt ceiling negotiations before the limit is reached. He explained that the process is staged, and that one meeting may not result in progress, but subsequent ones do.
“I still believe we’ll be able to avoid a default and we’ll get something decent done,” he said.
Biden’s remarks come after national security adviser Jake Sullivan said earlier in the day, local time, that Biden “expressed confidence” to other world leaders at the summit that the U.S. would not go into default.
“Here at the G7, you know, countries want to have a sense of how these negotiations are going to play out and the president has expressed confidence that he believes that we could drive to an outcome that we do avoid default,” Sullivan said.
The G7 is a gathering of the world’s most advanced democratic economies.
Treasury Secretary Janet Yellen has said the U.S. could default on its debts as soon as June 1 if an agreement to raise the ceiling is not enacted.