President Joe Biden has officially canceled his upcoming visit to Australia and Papua New Guinea in the wake of the recent ongoing negotiations and discussions regarding the debt ceiling.
The news about the cancellation of the President’s upcoming visits was confirmed by concerned officials from the White House.
Further details regarding the cancellation of the President’s upcoming international visits were provided by Karine Jean-Pierre, who is the current White House press secretary.
According to the statement made by her, the President talked to the Australian Prime Minister Anthony Albanese on Tuesday and informed the change in his schedule, that he will postpone his visit to the country.
During the conversation, the President also invited the Australian Prime minister to an official state visit too. Jean-Pierre also mentioned that the President’s team has also contacted the officials of Papua New Guinea in order to inform the changes regarding his schedule in visiting the country.
While his trips to Australia and Papua New Guinea have been rescheduled, the President has made no changes to his plans to visit Japan.
The original plan was made for a weeklong trip that would start on Wednesday and Joe Biden and his team were supposed to cover a few destinations over the Pacific region for a meeting of the Group of Seven leaders.
Following the cancellation of the President’s visit to Australia, Australian Prime Minister Albanese confirmed that the country has decided to cancel the summit of Quad leaders which was originally planned to take place in Sydney.
The summit was supposed to be a meeting of leaders from countries like the USA, Australia, India, and Japan. The prime minister also mentioned that talks could still proceed as Biden has not canceled his visit to Japan.
On Tuesday, a statement was released by John Kirby who is the current National Security Council coordinator for strategic communications. In his statement, Kirby said that the White House was currently reevaluating the stops that the President is supposed to make in Papua New Guinea and Australia.
He also added that all he could talk about at the moment was regarding the president’s trip to Japan. He said that the president was looking forward to his Japan visit and the team at the White House was looking into the details of the remaining journey.
The cancellation of the President’s visit to these countries comes after his meeting with the congressional leaders and the White House for a discussion regarding the debt ceiling. The meeting between the President and the leaders did not last more than an hour.
During one of his statements with the media after the meeting, the speaker of the House of Representatives, Kevin McCarthy said that the meeting ended with leaving the stage to carry on the conversation regarding the subject.
This indirectly says that the leaders have not yet arrived at a proper decision and further discussions will be needed on the subject in order to arrive at a conclusion. He also added that there is a lot of work to be done in a very short amount of time.
Even though the meeting ended without a proper decision regarding the subject, McCarthy also shared hope through his statement.
He also mentioned that even though the two sides were still very far apart in their opinions on the topic, it is possible that a deal would be available by the end of the week. He also stated that it was not at all difficult to arrive at an agreement on the subject.
While McCarthy shared the views and hopes of the Republican side after the meeting, Chuck Schumer who is the Democratic majority leader in the Senate shared the views and opinions from the other side. He stated that the meeting with the President was a good and productive meeting.
He also added that almost everyone who participated in the meeting agreed to the fact that default will be the worst outcome that could turn out to be horrible for the families and citizens of the country.
While the meeting goes on on one side, it should also be noted that the leader has just around 15 days to raise the debt ceiling of the country to $31.4 trillion and to aver the first-ever default in the history of the United States.
As days pass, the situation regarding the default and the debt ceiling of the country is getting more and more serious. The Treasury Department reiterated the warning made by the department and said it could run very short on money to meet the bill as early as June 1.
Also Read:- Warren Buffett Sells Shares In Two Banks & Increases Bet On Bank Of America
If such a situation is to come about, expert economists suggest that it could cause a serious economic crisis in the country while delighting the rivals of the country like China and Russia. If the country is ever to face such a situation in the coming days, the calculated consequences are much worse.
If the country is ever to face such a huge problem it could mean that the majority of the citizens would suffer from a possible economic depression. The statement made by Ilhan Omar who is a Democratic congresswoman from Minnesota agrees with this argument.
She also added that it could create a serious economic crisis not only in the country but globally.
In the United States, around 8 million people could lose their jobs, and millions of social security beneficiaries and military and veteran families will not be able to receive their monthly payments.
Also, if the government fails to provide wages, it could also seriously affect vital federal services like border and air traffic control.
Not just the United States, but the world is looking forward to the next move that would be made by the country in the coming days in order to tackle such a serious economic issue.
Read More:- Tiger Global Aims To Enter The Secondary Market With Its Private Company Stakes
