“Joe Biden’s Shocking Statement on Potential US Default”

US President Joe Biden has said that he is confident that an agreement on the budget will be reached and that the US will not default on its debts. Speaking at the White House before the G7 Summit in Japan, Biden stated that every leader in the room was aware of the disastrous consequences if the US did not pay its debts. The president cancelled planned visits to Australia and Papua New Guinea to return to the US and participate in budget negotiations. The Republicans have said that they will not raise the debt ceiling unless cuts to the federal budget are accepted. The US government is expected to default by 1 June if the debt ceiling is not raised. The US Congress has raised the debt ceiling 78 times since 1960. Default is the situation where a person does not fulfil a debt against the law where there are two types of default: the default of the creditor and the default of the debtor. To default is the definition that occurs when the debtor cannot pay their debt on time.

 

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