{"id":10081,"date":"2023-05-17T16:58:07","date_gmt":"2023-05-17T20:58:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/biden-confident-debt-ceiling-agreement-will-be-reached-u-s-will-avoid-default\/"},"modified":"2023-05-17T16:58:08","modified_gmt":"2023-05-17T20:58:08","slug":"biden-confident-debt-ceiling-agreement-will-be-reached-u-s-will-avoid-default","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10081","title":{"rendered":"Biden ‘Confident’ Debt-Ceiling Agreement Will Be Reached, U.S. Will Avoid Default"},"content":{"rendered":"
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President Joe Biden said Wednesday he was \u201cconfident\u201d that he and congressional leaders will come to an agreement to avoid the first ever U.S. government default.<\/p>\n

In a press conference Wednesday, Biden said he had a \u201cproductive\u201d meeting with congressional leaders on Tuesday.<\/p>\n

\n

\u201cI\u2019m confident that we\u2019ll get the agreement on the budget, that America will not default,\u201d Biden said. He added that every leader he met with \u201cunderstands the consequences if we fail to pay our bills, and it would be catastrophic for the American economy and the American people if we didn\u2019t pay our bills.\u201d<\/p>\n

The country could default on its debts as early as June 1 if an agreement isn\u2019t reached, according to Treasury Secretary Janet Yellen. A U.S. default would hammer the global economy and could lead to massive layoffs. It would also lead to the government pausing benefits payments to retirees, such as Social Security, and military veterans.<\/p>\n

Biden said Wednesday that he and speaker of the House, Kevin McCarthy, designated people to negotiate debt-ceiling agreements. McCarthy made similar remarks on an interview with Fox Business earlier Wednesday.<\/p>\n

\u201cYesterday, the president finally admitted he would negotiate\u2014he would assign two people from his administration to negotiate with us. We started last night,\u201d McCarthy said. \u201cWe finally have a process, a structure, that has worked every time in the past, but now we have a short time frame to get the job done.\u201d<\/p>\n

Stocks were rising following the press conference Wednesday. The
\n Dow Jones Industrial Average
\n gained 426 points, or 1.3%. The
\n S&P 500
\n was rising 1.2% and the
\n Nasdaq Composite
\n rose 1.1%.<\/p>\n

Biden will hold another press conference on Sunday after returning from the G-7 meeting in Japan. He said he was cutting his trip abroad short because of the debt-ceiling talks.<\/p>\n

\u201cWe\u2019re going to continue these discussions with congressional leaders in the coming days until we reach an agreement, and I\u2019ll have more to say about that on Sunday,\u201d Biden said.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

President Joe Biden said Wednesday he was \u201cconfident\u201d that he and congressional leaders will come to an agreement to avoid the first ever U.S. government default. In a press conference Wednesday, Biden said he had a \u201cproductive\u201d meeting with congressional leaders on Tuesday. \u201cI\u2019m confident that we\u2019ll get the agreement on the budget, that America […]<\/p>\n","protected":false},"author":1,"featured_media":10082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10081","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBiden 'Confident' Debt-Ceiling Agreement Will Be Reached, U.S. Will Avoid Default | iFintechWorld<\/title>\n<meta name=\"description\" content=\"President Joe Biden said Wednesday he was \u201cconfident\u201d that he and congressional leaders will come to an agreement to avoid the first ever U.S. government\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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