Biden family

President Joe Biden and House Speaker Kevin McCarthy reached an "agreement in principle" to raise the nation's legal debt ceiling, but now Congress must rush to approve the spending cuts package in a matter of days to avert a potentially disastrous U.S. default.

President Joe Biden said Friday that Democratic and Republican negotiators were on the verge of resolving a debt ceiling standoff, as the deadline for a potentially catastrophic US default was pushed back to June 5.

"It's very close and I'm optimistic," Biden told reporters at the White House. "I'm hopeful we'll know by tonight whether we're going to be able to have a deal."

President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation's borrowing limit in time to avert a potentially chaotic federal default.

Talks to avoid a US debt default were on a knife edge Saturday as President Joe Biden warned he would not accept "extreme" Republican demands but said he remained optimistic.

"I still believe we'll be able to avoid a default and we'll get something decent done," he told reporters at the G7 summit in Hiroshima, Japan.

President Joe Biden's departure Wednesday to the G7 in Japan was meant to launch a geostrategic masterclass on rallying the world's democracies against China. Instead, he will limp into an abruptly truncated journey facing concerns that the US debt ceiling row is about to tear up the global economy.

Recent polls suggest that 60 percent of Americans don't want Donald Trump to run for president in 2024, and 70 percent say President Joe Biden shouldn't run. Just 42 percent of Americans think Biden is performing well as president. At the same point during his administration, Trump's rating stood at 38 percent. In 2016, Trump became the oldest person ever to win the White House.

Earlier, U.S. media announced that the leader of the People's Party was involved in a major corruption scandal in the USA, in which the family of U.S. President Joe Biden was also involved.
At a press conference, US officials announced that the entire scheme was complicated, and that it was designed to be complicated so that the money could not be traced.

Texas Republican Gov. Greg Abbott has ordered the deployment of hundreds of National Guard personnel to the US-Mexico border in an effort to curb "an expected surge in migrants after the lifting of Covid restrictions this week."

U.S. Treasury Secretary Janet Yellen has warned that unless Congress acts soon to raise the nation's debt ceiling, "financial and economic chaos would ensue."    

Republicans have been pressing President Joe Biden to strike a deal to provide spending cuts in exchange for lifting the national borrowing limit.    

President Joe Biden, the Republicans and the U.S. economy were on a disastrous collision course yesterday after the White House made clear it will not negotiate over extending the nation's debt limit.

Treasury Secretary Janet Yellen warns that the government will run out of money and default on its debts as soon as June 1, if there is no authorization for more borrowing.