: US President Joe Biden said on Sunday remains "optimistic" about finding an agreement with his Republican opponents to raise the US debt limit and avoid a default, which his administration warned would cause "catastrophic" consequences. I think we'll be able to do it," Biden told reporters while out on a bike ride near his beach home in Delaware. A much-anticipated new round of debt-ceiling talks between Biden and Republican leaders, including House Speaker Kevin McCarthy, was postponed from Friday until the coming week. "If Congress failed to raise the debt limit by the time of default, we would go into a recession and it'd be catastrophic," he warned. "Better now than later, especially with $32 trillion of debt out there," he added.

Source: Manila Times May 16, 2023 04:15 UTC