Biden Says US Will Not Default Before Leaving For G7 Meeting; GOP Senator Says White House Playing 'Russian Roulette' With Economy

The U.S. will not default on its debt as it faces a deadline to increase its borrowing limit and will not default in the future, President Joe Biden said in a White House speech Wednesday before departing for a G7 meeting in Japan. 

Biden is confident an agreement on the debt ceiling will be reached reached in the coming days, he said, adding that he had a "productive meeting" with House and Senate leaders Tuesday. 

The Congressional leaders and the White House agree that a default would be catastrophic for the economy and the American people, Biden said. 

The negotiations are about budget issues, he said: "America is not a deadbeat nation. 

As the President prepares to travel to Japan for the G7 summit, he said: "I'll be back around Sunday for a press conference on the debt ceiling."

As of midday trading in New York, the major U.S. averages were all in the green, with the SPDR S&P 500 ETF Trust SPY gaining 0.6% for the session. 

Biden Plays 'Russian Roulette,' GOP Senator Says: Shortly after Biden's address, a group of House and Senate Republicans held a press conference on the debt ceiling.

U.S. Sen. John Barrasso, a Wyoming Republican, said Biden is playing "Russian roulette" with the American economy.

Republican House Speaker Kevin McCarthy, who was present at the meeting with Biden on Tuesday, said the "the only person deciding whether the U.S. will default or not is the president."

Republicans, according to McCarthy, passed a reasonable and sensible proposal, but Democrats "only think we should tax more," adding the debt ceiling is a spending problem, not a revenue problem. 

"That's not a revenue problem; it's a spending problem," he said.

McCarthy criticized Biden's trip overseas: "stop hiding and traveling elsewhere, mister president."
Biden is cutting his Asia tour short, cancelling planned stops in Papua New Guinea and Australia. 

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