60sDigest: President Joe Biden on debt ceiling: We will not default
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President Joe Biden speaks about why Congress must avoid default immediately and the current situation of the debt ceiling crisis in the U.S.
President Joe Biden delivers remarks on the latest in debt ceiling negotiations.
President Biden delivers remarks on preventing U.S. government default — 5/17/23
and take on the challenges demand International cooperation and from tackling the climate crisis to strengthening the global economy and before I leave I want to say a word about the status of negotiations with the Congressional leaders we had a productive meeting yesterday and with all four leaders in the Congress it was civil and respectful and everyone came to the meeting I think in good faith I'm confident that we'll get the agreement on the budget that America will not default and every leader in the room understands the consequences we fail to pay our bills and it would be catastrophic for the for the American economy and the American people if we didn't pay our bills and I'm confident everyone in the room agreed with the speaker from from the speaker to the majority leader to the majority of the house and the Senate excuse me it's early in the Senate the minority leader in the Senate as well as the leader the Democratic leader in the house and we're going to come together because there's no alternative to do the right thing for the country we have to move on and to be clear this negotiation is about the outlines of what the budget will look like not about whether or not we're going to in fact pay our debts the leaders who all agreed we will not default every leader has said that and I'm proud of the progress my Administration has made we've reduced the deficit in the first two years by 17 trillion dollars in the first two years and I proposed the budget would reduce another three trillion dollars over the next decade that includes more Revenue by asking a wealthy and large corporations to begin their pay their fair share and uh cutting subsidies that exist in the law and out to Big Oil and big Pharma yesterday we all agreed that both the speaker McCarthy and I would designate senior members that we would negotiate to give our authority to make agreements in detail what we wanted so we narrowed the group and now the group to meet and
Hammer out our differences and we've done that in fact they met last night and they're going to be meeting again today and uh and I'll be in constant contact with my team while I'm at the G7 and to be close touch with speaker McCarthy and other leaders as well now what I have done in anticipation that we won't get it all done till I get back is I've cut my trip short uh in order to be for the final negotiations and sign the deal with with the majority leader I made clear that uh and
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