Golden Finance reported that on May 17 local time, US President Biden delivered a speech saying that the US government understands that a US debt default will have disastrous consequences for the US economy and the American people. Biden said that he held a meeting with congressional leaders on the evening of the 16th local time on budget issues, and they agreed that if the United States does not default on its debt, the government will reach an agreement on budget-related issues. The two parties will continue to negotiate on the divergent parts of the budget to reach an agreement on the details. Biden also said that he will continue to discuss the debt ceiling with congressional leaders in the coming days until an agreement is reached. He is expected to hold a press conference on the 21st local time to discuss the issue. Biden reiterated that the United States will not default on its debt.
