US President Joe Biden has postponed his visit to Australia and Papua New Guinea. It also canceled the quad meeting to be held in Canberra, the capital of Australia. Therefore, Biden will return home after the end of the G-7 conference in Japan on May 21.
The White House said that Joe Biden had to take this decision because of the country`s debt crisis. This information has been reported by The Guardian and CNN.
According to the report, the United States is on the verge of possible bankruptcy. The US Congress should raise the US debt ceiling. If this is not possible, the United States will be 31.4 trillion dollars in debt from June 1. If the US government fails to meet its obligations, international financial chaos will ensue.
However, the US Congress has not yet reached a resolution on the matter. Therefore, the US President has postponed his visit to Australia and Papua New Guinea to discuss the issue with all concerned people before June 1.
Joe Biden already discussed this issue with congressional Republican leaders at the White House. Although Republican members of Congress believe a compromise is possible, there are still significant differences between the two sides, according to House of Representatives Speaker, Kevin McCarthy.
