President Biden:-

Due to an impending political and economic crisis in his own country and a deadlock in negotiations with the United States Congress regarding the debt ceiling, President Joe Biden has announced his decision to forgo his trip to Australia for the Quad leaders' summit after attending the G7 summit in Japan. Instead, he plans to return directly to Washington DC.

In a surprising turn of events, President Biden has decided to cancel his visit to Papua New Guinea, a move that would have marked the first-ever visit by a U.S. President to a Pacific Island nation. 

During a White House event, Biden shared his excitement about his upcoming trip to Japan but swiftly revealed his decision to shorten his itinerary. Acknowledging the demanding nature of his presidency, he expressed confidence in addressing multiple pressing issues simultaneously. 

However, he explained that he would be cutting his trip short to ensure his presence during crucial negotiations with Congressional leaders, emphasizing the significance of fulfilling America's global responsibilities while avoiding default. As a result, both the Australian leg of his journey and the visit to Papua New Guinea have been postponed for now.

The current deadlock between the Democratic administration and the Republican House in the US has created a political impasse over the debt ceiling. Failure to raise the ceiling by June 1 could result in the US defaulting on its obligations for the first time ever. 

This situation has introduced uncertainty regarding the Quad leaders' summit planned in Sydney and compelled the administration to assure allies and partners of its continued dedication while emphasizing the significance of resolving the debt issue for its global responsibilities.

Earlier today, the White House announced that President Biden would be returning to the United States after the G7 summit to ensure that Congress takes action to prevent a default. The President informed Australian Prime Minister Anthony Albanese about the postponement and extended an invitation for a future state visit. 

Prime Minister Albanese confirmed the rescheduling and hinted at the possibility of Quad leaders meeting during the G7 summit or separately in Australia while Biden is absent.

What is the Debt Ceiling Crisis in the US?

The debt ceiling crisis is a unique aspect of the American economy where Congress sets a limit on borrowing that the executive branch cannot exceed. The US reached its debt limit of $31.4 trillion in January and has been using extraordinary measures to manage its expenses. 

If the debt limit is not raised or suspended by June 1, the US risks defaulting on its credit, which would have severe consequences for both domestic and global economies. President Biden believes it is Congress's responsibility to raise the debt ceiling and refuses to negotiate on the issue. 

House Speaker Kevin McCarthy has proposed Republican measures that involve significant spending cuts, including social welfare programs and Biden's legislative achievements. Following a Meeting between Biden and congressional leaders, they expressed a desire to continue discussions but no agreement has been reached yet.

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