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(CNN) U.S. economic officials said Sunday that talks with congressional officials and the White House have been “constructive” as the U.S. scrambles toward a debt limit deadline that could come as early as June 1. Stated.
Deputy Treasury Secretary Wally Adiemo told CNN’s Dana Bash in a “Statement of the Union” that “the dialogue between all parties is constructive.”
“I look forward to meeting with leaders to discuss how we continue to move forward,” President Joe Biden said. Talks between congressional leaders and Mr. Biden were halted on Friday as staff-level talks continued, with additional talks scheduled for this week.
Biden suggested late Sunday that talks on the principal-level debt ceiling could take place next Tuesday.
“We’re working on it now,” he told reporters in a brief remark after cycling in Rehoboth Beach, Delaware.
Asked if the meeting would take place on Tuesday, the president replied, “Think so.”
With only four days left until the Senate and Senate open on June 1, there is still no clear path to avoiding a default. Biden also confirmed on Sunday that he plans to leave for Hiroshima, Japan, on Wednesday to attend the G7 summit.
“That’s my plan at the moment,” he told reporters at Rehoboth Beach.
Adiemo reiterated on Sunday that the US “cannot” default, but did not give details of the areas of the deal. He echoed Treasury Secretary Janet Yellen’s assessment that a default could occur “as early as June 1,” but said it could be “sometime in early June.” called on Congress to act as it warned would be “devastating”.
Bash pressured the timing of a deal after House Speaker Kevin McCarthy called for a deal in principle by earlier this week and business leaders including JPMorgan Chase & Co.’s Jamie Dimon warned of a no-deal market panic. Adiemo said Biden “believes what we believe.” The debt limit should be raised as soon as possible. ”
“It’s not just the financial markets, but a consumer sentiment survey last week (from the University of Michigan) showed that consumers are now worried about debt limits, affecting how they spend,” Adiemo said. ‘ said.
Meanwhile, Mr. Biden’s top economic adviser, Lael Brainard, on Sunday characterized the staff-level debt ceiling talks as “serious” and “constructive.”
But she reiterated earlier White House comments that she would prefer a full lift over a short-term fix.
“The short-term solution is not the solution. We have the tools to do that,” said the director of the National Congress. The Economic Council said on CBS’s “Face the Nation.”
Biden expressed optimism on a final deal on Sunday.
“I remain optimistic because I am a natural optimist,” he said at Rehoboth Beach. I think,’ he said. .
The president hinted last week that he was ready to push negotiations to the final stages.
“I’ve been involved in negotiations throughout my career,” he told CNN during a visit to New York. “Some negotiations happen at the last minute, some negotiations happen long ago. So we’ll see.”
Biden last week resurfaced the controversial idea of lifting the borrowing cap without Congress by invoking the 14th Amendment to the U.S. Constitution, but some legal experts say the clause would allow Congress to It claims that the president is empowered to order the payment of the national debt regardless of the debt ceiling.
But if the Treasury were to take advantage of the 14th Amendment to allow the Treasury to borrow above the debt ceiling to pay its national obligations, there would almost certainly be a constitutional crisis and swift legal action. .
Asked on Sunday whether the administration would consider invoking the 14th Amendment in the absence of a deal with Congress, Adiemo said, “The president said that the 14th Amendment now solves our problems. “They said they didn’t think they would solve it. They are the only ones who can solve our problems.” The issue now is Congress removing the debt ceiling. ”
This article and headline have been updated.
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