The United States economy is on the brink of collapse, as time slowly runs low to avert debt default. The Republican-led House is refusing to pay for the country’s debt, unless Joe Biden agrees to cut the current and future spending on social programs. The US is often known as the anchor of the global economy, causing a crisis like this to be very worrying. 

Many Americans could see retirement and the veteran benefits be put on hold because of the Government’s ability to pay its debts. This is due to the borrowing set by the Congress. Over the weekend the House Republicans and the White House were having negotiations, and Joe Biden will now meet with Speaker of the House Kevin McCarthy. The pressure for the meeting is immense. 

Biden has backed down from the position on how he will not negotiate over the debt limit, and in which the limit needs to be raised to be able to pay for spending that is already authorized by the congress and it has been authorized by Biden and other previous presidents. Biden’s officials have said that it is irresponsible that the GOP is holding the country “hostage” on a critical problem.  The Republicans have said that the government is spending too much money on this problem and that they see a financial threat. 

When Biden was in Japan the trip was supposed to be longer but it was cut short because of the negotiations from both of the parties to make progress before the talk. Biden had suggested that the pro-Donald Trump extremists that are in the house are trying to sabotage the economy in bid to doom his reelection campaign. Biden has said that he thinks that there are MAGA Republicans in the house and how they know what the damage it would be for the economy and how much it would affect it. 

Biden and McCarthy have been set to meet on Monday. There is still no guarantee that the Biden-McCarthy deal will go through with the congress, McCarthy has already passed a bill about the debt ceiling in exchange for a wishlist that the Republicans demand for.