Joe Biden on Default: 'The Situation in the U.S. is Serious'

The extended G7 summit has concluded in Japan. The leaders of the nations engaged in discussions with partners and made a number of important announcements.

U.S. President Joe Biden admitted today that a serious situation has arisen in the country. He clarified that a default could potentially be declared in the U.S. “I cannot guarantee that the Republicans won’t push us toward default,” Biden stated during the summit.

The president further explained that he hopes to avoid default. Specifically, he is examining the Constitution to understand what powers the head of state possesses.

It is worth noting that negotiations between Republicans and Democrats have been ongoing for five months. The White House insists that the debt ceiling should be raised without any conditions, while Republican leaders demand significant cuts to budgetary spending.