US debt dispute: Meloni expects another summit on Monday after violent storms in Italy in flood zone: ‘It’s a tragedy’

In the stalled dispute over the increase of the debt ceiling in the United States, another summit must be held. US President Joe Biden and Republican opposition negotiator Kevin McCarthy are scheduled to meet Monday to continue negotiations. McCarthy announced this on Sunday. The US president had called McCarthy earlier on his return journey from the G7 summit in Hiroshima, Japan. The Republican rated the conversation as “productive”.

An agreement is not yet in sight: Biden accused the Republicans of taking extreme positions on Sunday. Some of the Republican negotiators’ proposals are simply “unacceptable,” he said at his closing conference at the G7 summit in Japan. They need to understand that there can be no agreement between parties that “exclusively, exclusively” follows their terms.

Biden said he was willing to cut government spending as the Republicans demanded. But you also need to talk about state revenues — specifically, tax increases for top earners. The Republicans are not ready for that. He complained that there were major differences of opinion on this point. “We can come to an agreement,” Biden said. “Default is not an option.”

In early June, the US government is threatening bankruptcy if Biden’s team does not reach an agreement with Republicans in Congress to raise the debt ceiling by then. In the US, parliament sets such a limit at irregular intervals and determines how much money the state can borrow. This time, the procedure has degenerated into bitter jerking, which carries great dangers: a default by the world’s largest economy could lead to a global financial crisis and an economic downturn.

The dispute had accompanied Biden during his visit to Japan. In Hiroshima, the president was regularly updated on the status of the negotiations. Because of the dispute, his participation in the G7 summit was sometimes even on the edge. Biden eventually canceled a scheduled visit to Papua New Guinea and Australia to return to Washington directly from Hiroshima on Sunday. (sda/dpa)