President Joe Biden on Tuesday said that “default is not an option” after what he called a “productive” meeting with top politicians to negotiate raising the debt ceiling, as the US lurches towards a possible default and financial calamity.
“I made clear during our meeting that default is not an option. I repeated that time and again — America is not a deadbeat nation,” he said.
Republican House Speaker Kevin McCarthy, Democratic House minority leader Hakeem Jeffries, and Chuck Schumer and Mitch McConnell, the Democratic and Republican leaders in the Senate, were present at the high-level meeting.
“Everyone in the meeting understood the risk of default,” Mr Biden said.
The President announced that he and the leaders would meet again on Friday. Teams between the White House and Congress will have daily conversations, he added.
Mr Biden and Mr McCarthy remain at odds over raising the debt ceiling.
The White House wants to raise the limit without conditions but Mr McCarthy's caucus has insisted it will not pass a deal that does not address what it calls excessive spending.
“I didn't see any new movement,” Mr McCarthy said in remarks after the meeting.
Mr McConnell said: “The United States is not going to default. It never has and it never will.”
A new report from the Bipartisan Policy Centre released on Tuesday added further urgency as it moved up its projected “X date” — the day the US will be unable to pay its bills — to as soon as early June.
“If a solution is not reached before June, policymakers may be playing daily Russian roulette with the full faith and credit of the United States, risking financial disaster for their constituents and the country,” said Shai Akabas, director of economic policy at the centre.
Even last-minute deals to avoid a default could have a negative effect on the economy, as shown by a last-ditch deal in 2011 that still led to the US economy's credit rating being downgraded.
Yet with only weeks remaining until the Treasury reaches the date, Mr Biden and Mr McCarthy appear resolute in their positions on the looming crisis.
“The exit strategy is very clear. Do your job. Congress must act to prevent a default,” White House Press Secretary Karine Jean-Pierre said.
Mr McCarthy said he did not support a short-term extension.
“Why continue to kick the can down the road?” he said when asked about pushing the deadline to September.
Mr McConnell said Mr Biden needed to negotiate with Mr McCarthy and said Democrats had yet to submit a proposal on the debt limit.
The US Chamber of Commerce put further pressure on the White House by calling for a “swift agreement” on the debt ceiling that would include permitting reform and a limit on discretionary spending.
Treasury Secretary Janet Yellen warned of “economic and financial catastrophe” should the US fail to address the debt limit. She added it would also undermine the power of the US dollar as the world's reserve currency.
Jerome Powell, Chairman of the Federal Reserve, last week said the central bank would not be able to protect the economy or the financial system in the event of a debt default.
“We shouldn't even be talking about a world in which [the US] doesn't pay its bills,” Mr Powell said.
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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Director: Jesse Armstrong
Rating: 3.5/5
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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