Biden’s quad meeting in Australia canceled amid US debt crisis

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America is struggling with the debt crisis so badly these days that US President Joe Biden has had to cancel his visit. Biden was on his way to Australia for the Quad meeting. After that he was also scheduled to visit Papua New Guinea, but Biden had to cancel both his trips.

The Quad meeting to be held in Sydney, Australia has been canceled due to the cancellation of Biden’s visit. However, Biden will travel to Japan to attend the G-7 summit on May 19-21. Indian PM Narendra Modi and Australian PM Anthony Albanese will also participate in this meeting.

Australian PM’s statement

After the cancellation of Biden’s visit, Australian PM Anthony Albanese said, ‘Talked to President Biden this morning. He expressed his inability to come to Sydney for the Quad leaders meeting. Biden also expressed his inability to attend Parliament in Canberra. However, the leaders of the Quad will meet and discuss in Japan. I would like to thank Prime Minister Kishida of Japan for inviting me to the G-7 meeting.

Joe Biden fears default

Let us tell you that there is no money left in the coffers of the American Biden government to pay the bill. The Biden administration fears that this crisis could push America to the brink of default. So now he is talking to other American leaders.

There is a growing demand for increasing the loan limit.

Earlier, US Treasury Secretary Janet Yellen also wrote a warning letter to the Biden government. He has written in his letter that due to lack of money in the American treasury, it will not be possible to pay the government bills next month. That’s why the US government should increase the debt limit further.

Why is there a debt crisis in America?

Let us tell you that Donald Trump’s Republican Party has a majority in the US House of Representatives. The Biden administration has introduced a bill to raise the debt limit, but Trump’s party has put the bill on the backburner. Trump’s party is demanding the Biden administration to make necessary cuts in its budget. Only then will his party support the bill.