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Biden will hold direct talks with Speaker of the US Parliament, Kevin McCarthy

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The US President is planning to speak directly with the Speaker of the US Parliament, Kevin McCarthy. The US President will meet with the Speaker of the US Parliament in hopes of resuming deadlocked talks with the opposition to raise the debt ceiling. Significantly, the US President is currently on a foreign tour for the G-7 meeting.

Significantly, the MPs of the opposition party are demanding a huge cut in the expenditure. All other options to reduce the deficit have been rejected by opposition MPs.

Significantly, Biden is currently in Japan for the G-7 meeting. Republican lawmakers have rejected all proposals put forth by the White House. Significantly, the debt of the US government has increased to 31 trillion dollars.

If the debt limit is not increased by June 1, then there is a possibility of US default.

According to sources, Biden wants to finalize the agreement to increase the debt limit as soon as possible after returning to America.

National Security Adviser Jack Sullivan acknowledged that world leaders are increasing pressure on the US President to resolve the debt crisis in Washington. McCarthy’s team wants the Biden administration to cut non-defense spending and increase military spending.