https://sputniknews.in/20230517/australia-cancels-quad-summit-after-joe-biden-pulls-out-over-us-debt-talks-2003239.html
Australia Cancels Quad Summit After Joe Biden Pulls Out Over US Debt Talks
Australia Cancels Quad Summit After Joe Biden Pulls Out Over US Debt Talks
Sputnik India
The Quadrilateral Security Dialogue (QSD), or the Quad, is a strategic security and diplomatic initiative featuring India, Australia, Japan, and the United States.
2023-05-17T13:10+0530
2023-05-17T13:10+0530
2023-05-17T13:10+0530
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Australian Prime Minister Anthony Albanese on Wednesday canceled the forthcoming QUAD summit, which was scheduled to be held in Sydney next week, after US President Joe Biden pulled out of the meeting due to ongoing negotiations regarding raising the American debt ceiling in Washington.Albanese, however, showed optimism that Indian Prime Minister Narendra Modi could make the trip to Sydney for a bilateral program.US Debt Ceiling RowBiden's announcement regarding the cancellation of his Australian trip was expected as the Democrats and the Republicans are currently engaged in a bitter stand-off over the debt ceiling issue, leaving America on the verge of default for the first time in its history.The debt ceiling which is the US federal government's spending limit was last raised in 2021, when the Democrats controlled both the Senate and the House of Representatives in the US Congress.Raising the debt ceiling — which currently stands at $31.4 trillion — used to be a regular affair in the past. But this time, the Democrats and the Republicans, due to their control of the Senate and the House of Representatives, respectively, are engaged in a tussle over the matter.Economists have warned that a US default would have a calamitous effect on the global economy.Also, raising the debt ceiling is vital for the US government without which it would no longer pay salaries to the country's military and other federal employees.Moreover, President Biden's administration would not be in a position to borrow money from multilateral agencies or foreign lenders.
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Australia Cancels Quad Summit After Joe Biden Pulls Out Over US Debt Talks
The Quadrilateral Security Dialogue (QSD), or the Quad, is a strategic security and diplomatic initiative featuring India, Australia, Japan, and the United States.
Australian Prime Minister Anthony Albanese on Wednesday canceled the forthcoming QUAD summit, which was scheduled to be held in Sydney next week, after US President Joe Biden pulled out of the meeting due to ongoing negotiations regarding raising the American debt ceiling in Washington.
"The Quad leaders meeting will not be going ahead in Sydney next week. We, though will be having that
discussion between Quad leaders in Japan," Albanese told reporters in Canberra.
Albanese, however, showed optimism that Indian Prime Minister Narendra Modi could make the trip to Sydney for a bilateral program.
Biden's announcement regarding the cancellation of his Australian trip was expected as the
Democrats and the
Republicans are currently engaged in a bitter stand-off over the debt ceiling issue, leaving America
on the verge of default for the first time in its history.
The debt ceiling which is the US federal government's spending limit was last raised in 2021, when the Democrats controlled both the Senate and the House of Representatives in the US Congress.
Raising the debt ceiling — which currently stands at $31.4 trillion — used to be a regular affair in the past. But this time, the Democrats and the Republicans, due to their control of the Senate and the House of Representatives, respectively, are engaged in a tussle over the matter.
While the Republicans, including House Speaker Kevin McCarthy, are not averse to agreeing to increase the government's spending limits, they are demanding the Biden administration restrict their aid to public welfare programs, particularly food assistance to poor households.
Economists have warned that a US default would have a calamitous effect on the global economy.
Also, raising the debt ceiling is vital for the US government without which it would no longer pay salaries to the country's military and other federal employees.
Moreover, President Biden's administration would not be in a position to borrow money from multilateral agencies or foreign lenders.
