Biden expresses confidence in avoiding default amidst debt ceiling negotiations.

President Biden expressed confidence that the US will avoid a debt default, as negotiations continue with congressional Republicans to hammer out a budget spending deal to unlock a path for raising the debt limit. Talks are set to continue, with a select group of negotiators working to close out a final deal. The national debt currently stands at $31.4tn, and an increase in the debt limit would not authorise new federal spending; it would only allow for borrowing to pay for what Congress has already approved.