President Joe Biden meets Congressional leadership over debt ceiling

President Joe Biden on Tuesday met with congressional leaders in an effort to avoid a debt default. “This afternoon, President Biden hosted Leader Schumer, Leader McConnell, Speaker McCarthy, and Leader Jeffries in the Oval Office for a productive and direct meeting about the need to ensure America does not default on its debt for the first time in our history, and on a budget agreement that can reach his desk,” read the White House press release.

Treasury Secretary Janet Yellen reiterates US could default on debt by early June

In a letter to Congressional leaders, US Treasury Secretary Janet Yellen reiterated that the country could default on its debt obligations as early as June 1. The Department of Treasury will likely no longer be able to satisfy all of the governments’ obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1, Yellen said in the letter sent on Monday.

President Biden, Speaker McCarthy key players in US averting monetary crisis

As Democrats worry if any default on interest payments by the US government on its securities would lead to a global monetary crisis plus a internal constitutional monetary crisis, the best financial brains of the White House and the legal department are at work to ensure it does not as they feel they can invoke the 14th Amendment as a saviour. In this context, President Joe Biden is scheduled to meet House Speaker Kevin McCarthy on May 9 to resolve the crisis as part of a general discussion on fiscal issues.

US shot down Chinese spy balloon, confirms Biden

Fighter jets have shot down the Chinese spy balloon that had been adrift across US airspace for days now.
“I ordered them to shoot it down,” President Joe Biden said on Saturday confirming the downing of the Chinese contraption that had gripped the country in a frenzy since Thursday, when the US department of defense had first made it public, acknowledging, at the same time, it was not first such incident.