Biden hopes to sign default avoidance bill this week

U.S. President Joe Biden expects to have a bill approved by Congress by June 5 that prevents a sovereign default, said White House spokeswoman Karine Jean-Pierre.

Lawmakers on Wednesday begin discussing an initiative that would lift the national debt ceiling for two years in exchange for limiting federal spending growth.

“We think it (the bill) will pass the House of Representatives, the Senate, and the President will sign it before June 5,” Jean-Pierre said in an interview with CNN.

According to the calculations of the Treasury Department, without congressional approval to expand borrowing limits, the United States will already be unable to meet its financial obligations by June 5, with catastrophic consequences for the national and world economies.

The bill was based on compromise agreements reached over the weekend by Biden and the Speaker of the House of Representatives. Kevin McCarthy.