Remarks by President Biden on Preventing a First-Ever Government Default

11:13 A.M. EDT
 
THE PRESIDENT:  Hey, everybody.  Well, I’m about to take off in a few minutes, if you hear the helicopter out there, to Japan — not in the helicopter, but to Andrews.  Anyway — and to meet with the leaders of G7.
 
America’s role in the world is vital, especially right now as we work together with other countries to support Ukraine and take on the challenges that demand international cooperation, from tackling the climate crisis to strengthening the — the global economy.
 
And before I leave, I wanted to say a word about the status of negotiations with the Congressional leaders.  We had a productive meeting yesterday and — with all four leaders of the Congress.
 
It was civil and respectful.  And everyone came to the meeting, I think, in good faith.
 
I’m confident that we’ll get the agreement on the budget, that America will not default.  And every leader in the room understands the consequences if we fail to pay our bills.  And it would be catastrophic for the — for the American economy and the American people if we didn’t pay our bills.
 
And I’m confident everyone in the room agreed, with the Speaker — from the Speaker to the Majority Leader to the — Majority Leader in the House and the Senate — excuse me — the Majority Leader in the Senate, the Minority Leader in the Senate, as well as the Leader — the Democratic Leader in the House, that we’re going to come together, because there’s no alternative to do the right thing for the country.  We have to move on.

And to be clear, this negotiation is about the outlines of what the budget will look like, not about whether or not we’re going to, in fact, pay our debts.

The leaders have all agreed we will not default.  Every leader has said that. 

And I’m proud of the progress my administration has made.  We’ve reduced the deficit in the first two years by $1.7 trillion in the first two years.  And I’ve proposed a budget that will reduce another $3 trillion over the next decade.  That includes more revenue by asking the wealthy and large corporations to begin to pay — pay their fair share and cutting subsidies that exist in the law now to Big Oil and Big Pharma.
 
Yesterday, we all agreed that both the Speaker McCarthy and I would designate senior members that we would negotiate to give our authority to make agreements and detail on what we wanted.   So we narrowed the group.  We narrowed the group to meet and hammer out our differences.
 
And we’ve done that.  In fact, they’ve met last night, and they’re going to be meeting again today.  And — and I’ll be in constant contact with my team while I’m at the G7.  And I’ll be in close touch with Speaker McCarthy and other leaders as well. 
 
Now, what I have done in anticipation that we won’t get it all done until I get back is I’ve cut my s- — trip short in order to be — for the final negotiations and sign the deal with — with the Majority Leader.
 
I made clear that — and I’ll say it again: America is not a deadbeat nation.  We pay our bills. 
 
The nation has never defaulted on its debt, and it never will.
 
And we’re going to continue these discussions with Congressional leaders in the coming days until we reach an agreement.  And I’ll have more to say about that on Sunday, when I’m going to have a press conference on this issue.
 
As it stands now, the intention is to go to the G7, be back here on Sunday, hold a press conference. 
 
And in the meantime, I’m going — I’ve spoken to the Australian leader Albanese, and I’ve spoken to — I’m going to be seeing him at the G7.  He’ll be there as well, along with the Indian Prime Minister and along with the Japanese as well.  So the Quad members will be there.  We’ll get a chance to talk separately at the meeting, but it’s unlikely I’m going to be going on to Australia. 
 
So, thank you very much.
 
Q    Mr. President, what about work requirements specifically are you still considering?  It sounds like it’s still on the table and you haven’t ruled it out.  Which would you be willing to accept? 
 
THE PRESIDENT:  Well, I’m not — they’re — I’m not going to accept any work requirements that’s going to impact on medical health needs of people.  I’m not going to accept any work requirements that go much beyond what is already — what I — I voted years ago for the work requirements that exist.  But it’s possible there could be a few others, but not anything of any consequence.
 
Thank you.
 
Q    What message does this send —
 
THE PRESIDENT:  That we’re —
 
Q    — to PNG and Australia?  I know that it was important to you to focus on Asia on this trip, but this is having to be put aside.  Does this — is this almost a win for China?
 
THE PRESIDENT:  No.  No, because we’re still meeting.  We still have four good allies. 
 
Q    Mr. President, do you intend to speak with President Xi soon, sir? 
 
THE PRESIDENT:  That’s my — whether it’s soon or not, but we will be meeting.
 
11:17 A.M. EDT