The American president Joe Biden emphasized today (10/5) that the declaration of a stoppage of payments by the world’s largest economy “it’s not an option”following his meeting earlier in the Oval Office of the White House with the Republican and Democratic leaders of Congress, during which the parties remained unmoved, if not hardening their positions.
He also said it was “likely” to postpone his planned tour of Asia at the end of the month –intends to participate in particular in the G7 summit– if no solution has been found to the issue of increasing the borrowing limit of the federal state of USA.
In this case “I will not go, I will stay here until the issue is resolved”, he explained. He assured that he remains “committed” to participating in the summit of the leaders of the world’s seven most industrialized nations in Japan, but “obviously this is more important.”
Democrats and Republicans seem unable to agree on raising the U.S. borrowing limit, a congressional decision absolutely necessary for the federal government to be able to pay its bills, its workers and its creditors.
To avoid the risk of the country facing the unprecedented scenario of declaring a default, Mr. Biden said he would not rule out the possibility, although he is in talks with Republicans, to eventually invoke the 14th amendment of the US Constitution – to increase unilaterally the borrowing limit -, however, he acknowledged that there was a legal battle for this. “I’ve looked into” the 14th Amendment invocation, he said, adding that “that would need to be resolved judicially.”
Source: News Beast
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