Biden aims to reassure world on US debt standoff

(From left) US President Joe Biden, Japan’s Prime Minister Fumio Kishida, Australia’s Prime Minister Anthony Albanese and Prime Minister Narendra Modi at the Quad meet on the sidelines of the G7 summit. Pic/AP

President Joe Biden tried to reassure world leaders on Saturday that the US would not default as he consulted with the heads of Australia, Japan and India in a meeting of the so-called Quad partnership that had been hastily rescheduled because of the debt limit standoff back in Washington.

Hoping to avert an outcome that would rattle the global economy and prove to be a boon to Beijing, Biden opened his third day in Japan at the annual G7 meeting with a briefing from his staff on the latest fits and starts in talks over how to raise the federal debt limit.

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The president also squeezed in meetings aimed at challenging China's buildout across the Indo-Pacific. The Quad members originally had planned to meet in Sydney next week, but got together instead on the sidelines of the G7 so Biden could return to Washington earlier on Sunday in hopes of finalizing a deal to increase the US borrowing limit before the government runs out of cash to pay its bills.Agencies

$30 billion
Amount mobilised in investments by the US

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