Biden: I will not let US default on debt first time in history

Biden: I will not let US default on debt first time in history
# 14 February 2023 23:41 (UTC +04:00)

United States President Joe Biden reiterated on Tuesday that he will not allow the country to default on its obligations by failing to pass a new debt ceiling, APA reports citing Teletrader.

In his keynote address during the National Association of Counties Conference, Biden remarked that even coming close to default would raise borrowing costs, promising that when he proposes the budget for the 2024 fiscal year on March 9, he will be looking to cut the deficit for another $2 trillion over the next 10 years.

"I am simply not going to let the nation default on its debt for the first time in history...America is a nation that paid its bill in the last 200 years," the president concluded. He promised that the best days for the US lie ahead, saying that Democrats and Republicans "will continue to work together."

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