The President of the United States, Joe Biden offered a positive signal on the issue of the debt ceiling that he and congressional leaders will be able to reach an agreement soon.
Speaking at the White House before leaving for a summit of G7 leaders in Japan, Biden said his meeting with top members of Congress on Tuesday was productive.
Biden expressed his confidence that they will reach an agreement on the budget that has been an obstacle to implementation to raise the debt ceiling.
"America will not experience ' default '", insisted Biden.
Default generally means failure to do something. In this context, if the debt ceiling is not raised before June 1, the US government will not be able to pay for services such as social security, health and the military because there is no money.
This could cause a 'catastrophe' on the US economy thus affecting global financial stability.
Meanwhile, Republican House Speaker Kevin McCarthy said that the US will not default and he is confident that they will resolve the issue in a shorter period of time.
While President Biden is in Japan for a meeting with G7 leaders, discussions on the issue will continue between representatives of the White House and House Republicans.
