U.S. President Joe Biden just said that he is doing his part for debt ceiling negotiations with a proposal to cut spending, but will not accept a deal that protects wealthy tax evaders and cryptocurrency investors.
Speaking at a press conference in Hiroshima, Japan, where he and other G-7 leaders previously laid wreaths at the 1945 atomic bomb victims memorial, Biden said he was ready to compromise with Republicans on some issues but not on others.
Biden said he expects House Minority Leader Kevin McCarthy to want to speak directly with him on debt and budget talks and will talk to him when he returns to the United States.
Biden: “I can raise the debt limit unilaterally if necessary”
He also said he considers Article 14 of the Constitution, which some legal experts say authorizes him to unilaterally raise the debt limit, as a possible option to avoid default if Republicans refuse to cooperate.
“I can’t guarantee they won’t do anything outrageous and force us to default,” Biden said. “But I believe I have the authority to use Article 14 if necessary. The real question is whether it can be used in a timely manner to prevent a disaster.”
Biden also referred to the escalating tensions with China over Taiwan, saying that if Beijing does anything unilaterally on the island, it is agreed among US allies that it will respond.
*Not investment advice.