United States President Joe Biden pointed out on Thursday that the country's two major political parties are negotiating the nation's budget, rather than a potential default and that the sides have "competing visions for America." He revealed that he proposed a more than $1 trillion spending cut and a two-year spending freeze in discussions with Republicans.
Defaulting on the US debt is "not an option" and "there will be no default," Biden noted in a speech at the White House. He described his several previous conversations with House of Representatives Speaker Kevin McCarthy on the matter as "productive."
