US President Joe Biden.

(Reuters)

[Financial Channel/Comprehensive Report] U.S. President Joe Biden (Joe Biden) on Wednesday (10th) put pressure on Republican lawmakers to act quickly to raise the $31.4 trillion debt ceiling, otherwise the U.S. economy may fall into recession , leaving thousands of people unemployed.

The U.S. hit the cap in January, with the Treasury Department repeatedly saying the government would be unable to pay its bills as soon as June 1, Reuters reported.

A solution has never been finalized amid ongoing bipartisan debate.

The Republican Party insists that the debt ceiling will only be raised if Biden agrees to cut government spending; Discuss the budget.

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Biden warned at an event in New York on Wednesday that the post-pandemic economy would be destroyed by government default, and that now was not the time to put that at risk, threaten recession and undermine America's global standing.

Biden pointed out that the Republican threat is dangerous and meaningless.

Biden met with congressional leaders of both parties at the White House on Tuesday to try to push progress on the debt ceiling and avoid a historic default.

The White House has dubbed the Republican proposal to cut the budget the "America's Default" bill.

Biden is scheduled to hold talks with the leaders of the two parties again on Friday (12th).

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