US News: Biden’s tour of Australia canceled amid debt crisis, will return after attending G7 conference, doubts remain on Quad

Washington. Amid rising domestic political and economic crisis in the country and ongoing debt ceiling negotiations with the United States (US) Congress, President Joe Biden has said that he will attend the G7 summit in Japan. Will return to Washington DC after and will not travel to Australia for the Quad leaders’ level summit.

According to a Hindustan Times report, Biden has canceled his proposed visit to Papua New Guinea. His visit would have been the first visit by any US President to the Pacific Island country. Speaking at an event at the White House on Tuesday evening, Biden first previewed his visit to Japan and then said that ‘the nature of the presidency is addressing many issues at once’.

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He further said, ‘That’s why I believe we are going to make progress in avoiding default and fulfilling America’s responsibilities on the world stage. Although I am cutting my journey short. I am postponing my stops in Australia and Papua New Guinea on my trip to come back for final talks with Congress leaders.

Uncertainty around Quad meeting
The White House officially announced in a statement that Biden would return to the US after the G7 summit on Sunday. The statement said that the President is returning to ensure that Congress takes action within the time limit to avoid default. White House spokesperson Karine Jean-Pierre said that Biden has spoken to Australian PM Albanese and informed him that he will postpone his visit to Australia. He invited PM Albanese for an official state visit, as well as the President’s team held talks with the PM of Papua New Guinea’s team and informed them that Biden was postponing his visit.

There may be a shortage of cash in America
Significantly, the collapse of some regional banks in the US had sent shockwaves through the global banking sector and raised fears of a contagion effect across economies. The decline of regional banks began with Silicon Valley Bank. Low interest rates also reduced banks’ net interest profit, forcing them to cut operating costs from elsewhere.

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Tags: G7, Joe Biden, Quad