Economy

BIDEN CUTS SHORT FOREIGN TRIP AMID LOOMING THREAT OF US DEBT DEFAULT.

todayMay 17, 2023 27

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President of the United States of America Joe Biden and Republican leaders have expressed cautious optimism that a deal to raise the US debt ceiling is within reach, following emergency talks at the White House but House of Representatives Speaker Kevin Mccarthy said the two sides are still far apart.

The standoff has forced Biden to cut short a foreign trip because, without a deal, they could enter a disastrous default on its 31.4 trillion Dollars debt as soon as 1 June.

A failure by the US government to meet its debt obligations could trigger global financial chaos.

Mccarthy said afterward he believed a deal was possible by the end of the week.

Written by: Ella Adike

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