US President Joe Badin announced that on Tuesday, May 16, he will meet with Speaker of the House of Representatives Kevin McCarthy to discuss the prevention of a default on the US national debt.
On Monday, the US president confirmed to reporters in Philadelphia that he would hold the meeting without revealing more details about the progress of consultations on raising the national debt ceiling.
It is noteworthy that the US debt has exceeded the officially established ceiling of $31.4 trillion since January last year, which required the Treasury to take urgent measures to continue financial operations.
The US administration is calling on Congress to raise the national debt ceiling, and the Republicans, who control the House of Representatives, put forward an increase in the national debt ceiling as a condition for reducing budget spending.
The US administration rejected the Republicans’ terms, asking the House of Representatives to raise the national debt ceiling without any preconditions and discuss spending cuts at a later date.
And US Treasury Secretary Janet Yellen has warned that the US government will not be able to pay off the federal debt by June 1 unless an agreement is reached between the White House and Congress.
Source: TASS
