AIRLINK 61.20 Increased By ▲ 0.23 (0.38%)
BOP 6.37 Increased By ▲ 0.08 (1.27%)
CNERGY 4.40 Increased By ▲ 0.07 (1.62%)
DFML 16.30 Increased By ▲ 0.44 (2.77%)
DGKC 69.80 Increased By ▲ 0.50 (0.72%)
FCCL 18.35 Increased By ▲ 0.15 (0.82%)
FFBL 26.70 Increased By ▲ 0.45 (1.71%)
FFL 9.33 Increased By ▲ 0.10 (1.08%)
GGL 10.31 Increased By ▲ 0.06 (0.59%)
HBL 116.32 Decreased By ▼ -0.68 (-0.58%)
HUBC 115.50 Increased By ▲ 1.02 (0.89%)
HUMNL 6.95 Increased By ▲ 0.02 (0.29%)
KEL 4.91 Increased By ▲ 0.02 (0.41%)
KOSM 5.39 Increased By ▲ 0.06 (1.13%)
MLCF 38.80 Increased By ▲ 0.30 (0.78%)
OGDC 124.66 Increased By ▲ 0.69 (0.56%)
PAEL 22.00 Increased By ▲ 0.15 (0.69%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.12 Increased By ▲ 0.02 (0.33%)
PPL 115.11 Increased By ▲ 1.36 (1.2%)
PRL 28.30 No Change ▼ 0.00 (0%)
PTC 11.58 Increased By ▲ 0.13 (1.14%)
SEARL 52.21 Decreased By ▼ -0.09 (-0.17%)
SNGP 67.72 Increased By ▲ 0.02 (0.03%)
SSGC 11.41 Increased By ▲ 0.08 (0.71%)
TELE 7.90 Increased By ▲ 0.05 (0.64%)
TPLP 11.60 Increased By ▲ 0.02 (0.17%)
TRG 72.10 Increased By ▲ 0.29 (0.4%)
UNITY 23.40 Increased By ▲ 0.30 (1.3%)
WTL 1.31 Increased By ▲ 0.02 (1.55%)
BR100 6,771 Increased By 54.3 (0.81%)
BR30 22,745 Increased By 227.9 (1.01%)
KSE100 65,784 Increased By 458.3 (0.7%)
KSE30 22,310 Increased By 164.2 (0.74%)

WASHINGTON: President Joe Biden on Sunday slammed Republican demands in negotiations to resolve the US debt ceiling standoff as “unacceptable” but said a solution can still be found before a disastrous default.

Speaking at a press conference just before leaving to return to Washington from the G7 summit in Hiroshima, Japan, Biden said Republicans’ latest demands for spending cuts as a condition for raising the US government borrowing authority were “frankly unacceptable.”

“It’s time for the other side to move from their extreme positions,” he said.

Biden said he would talk directly with Republican House Speaker Kevin McCarthy during his Air Force One flight on Sunday back to Washington and said “we can reach an agreement.”

However, he cautioned that he could not “guarantee that they wouldn’t force a default by doing something outrageous.”

Biden said that he was looking into an obscure constitutional clause in the 14th Amendment, which states that the validity of public debt “shall not be questioned” — and potentially authorizing the president to circumvent Congress and raise the debt ceiling himself.

“I think we have the authority. The question is could it be done and invoked in time,” he said, noting the likelihood of legal challenges to this and the rapidly approaching debt deadline.

The Treasury Department says that the government could run out of money and default on its $31 trillion debt as early as June 1 if Congress, where Republicans control the House of Representatives, does not authorize more borrowing.

Biden had planned to travel from Japan to Papua New Guinea and Australia but cut short the Asia trip due to the debt talks.

The debt ceiling raise is usually an uncontroversial annual procedure but this year the increasingly hard-right Republican Party has turned the threat of default into a powerful lever to try and force Biden to accept spending cuts. Biden accuses his opponents of putting the US economy at risk for political point scoring.

Discussions were at an impasse over the weekend in Washington, as both sides traded accusations.

“We’re making 0 demands to avoid default. You’re the only ones with a hostage,” tweeted White House spokesperson Andrew Bates, accusing Republicans of seeking to trigger a recession in the world’s leading economy.

White House Press Secretary Karine Jean-Pierre said that McCarthy was being strong-armed by his party’s pro-Donald Trump wing, which is “threatening to put our nation into default for the first time in our history unless extreme partisan demands are met.”

McCarthy, however, tweeted Saturday to say the White House was the one “moving backward.”

Comments

Comments are closed.