President Biden was agitated enough to tell a reporter to “shush up” on Saturday as he tried to reassure worried allies that his White House would not fail to strike a debt-limit deal, which could plunge the United States and the globe into economic calamity.
During a bilateral meeting with Australian Prime Minister Anthony Albanese at the G-7 economic summit in Hiroshima, Japan, Biden told the reporters, “I still believe we’ll be able to avoid a default and we’ll get something decent done.”
Hours after contentious talks between the White House and House Republicans on Friday broke down, Obama added, “This — this goes in stages,” referring to the negotiations.
However, Biden lost his cool when an Australian reporter interrupted him with a question.
He yelled, “Shush up, OK?” and then began a long, winding description of the negotiation process.
Biden stated, “I’ve been in these negotiations before.”
What actually transpired was that the initial gatherings weren’t exactly forward-thinking. As for the second set, yes. True of the third. The carriers then report back to the principals with an update on their deliberations. Then, after that, more claims were made.
However, back in Washington, the negotiators were still at an impasse, and no meetings were held on Saturday.
Kevin McCarthy, the speaker of the House, has blamed “the Bernie Sanderses and the socialist wing” of the Democratic Party for the stalemate, saying it will last until Vice President Biden returns from Japan.
“Unfortunately, the White House moved backwards,” McCarthy told reporters as he left Capitol Hill on Saturday. Furthermore, I believe that Bernie Sanders and the socialist wing of the party have had a significant impact on the president. Until the president returns to the country, I don’t see how we can make any progress.
“We actually want to spend more money than we spent this year,” McCarthy said of the White House’s negotiations.
That’s not something we can do. Everyone is aware of the magnitude of the budget shortfall, and everyone is also aware that, due to inflation, spending cuts are necessary.
The government’s borrowing limit, established by Congress, must be raised within the next several days, and if Biden and McCarthy can’t come to an agreement, the country might face devastating consequences.
The Treasury Department has announced that it will be unable to meet its existing $31 trillion in debt obligations beginning June 1.
Last month, House Republicans passed a bill that will allow for an additional $1.5 trillion in borrowing in exchange for a wide range of expenditure reductions and a cap on federal budget increases for the next decade.
The US debt debate has been a “subject of interest” in the president’s summit meetings with other international leaders, according to National Security Adviser Jake Sullivan.
During a press conference on Saturday, Sullivan asserted, “This is not generating alarm.” I just wanted to get the word out there that countries are very interested in this major news. The president has been able to reassure them that he thinks they can reach a positive outcome.