President Joe Biden's administration and Republican lawmakers made "steady progress" in budget and debt ceiling discussions on Thursday, according to the White House.
President Biden will visit Japan for the G7 conference at the same time as this update, which comes as the deadline in June looms when the government's funding may run out.
President Biden personally sought a debt limit report from the negotiating team and was apprised of the steady progress. As discussions developed, UPI reported that he urged the group to protect important "programs for hardworking Americans" and preserve the economic success made over the previous two years.
President Biden expressed his confidence in the US Congress to take the necessary legislation to avert a default in the statement.
The Biden administration and House Speaker Kevin McCarthy, R-Calif., have argued for months for increasing the $31.4 trillion debt limit before the June deadline. The House's Republican majority has exploited this occasion to attack Democratic spending, tying it to the nation's debt.
President Biden and fellow Democrats have insisted that the debt ceiling must be elevated without restrictions to pay the nation's debts.
President Biden requested and received an update this morning from his designated negotiating team on progress being made in their talks on Capitol Hill to arrive at a bipartisan budget framework and ensure that Congress acts in time to avoid default. The President’s team… pic.twitter.com/AQ22ZhZAgG
— The White House (@WhiteHouse) May 19, 2023
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The World is Watching
US markets rose overnight as investors remained optimistic about a debt limit resolution. S&P 500 e-mini futures climbed 0.16 percent.
Nations of all economic levels worry about the likelihood of a US default because it might significantly affect the value of the dollar and have serious effects on financial markets, according to The Washington Post. Foreign economists and officials are baffled by the US's decision to restrict and politicize its debt, threatening its worldwide image.
After returning from the Group of Seven dialogues in Japan on Sunday, President Joe Biden and House Speaker Kevin McCarthy hope to reach a debt limit settlement, per the Inquirer.
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