China News Network, May 5 Comprehensive foreign media reported that on the 19th local time, US White House officials said that President Biden, who is attending the Group of Seven (G19) summit in Japan, held a conference call with his debt ceiling negotiation team. The team said that "the negotiations are making steady progress." However, the amount of cash available to pay bills on hand by the U.S. government has hit its lowest level since December 7.

On the same day, White House officials said, "President (Biden's) team told him that negotiations between the two sides are making steady progress," Reuters reported. ”

In addition, the official said that Biden has directed the team to continue pushing for a bipartisan agreement, and he "believes that Congress will take the necessary actions to avoid a default on the government debt." ”

Infographic: US President Joe Biden.

According to Bloomberg, the US Treasury cash balance fell to $5.17 billion as of May 683, compared with $946.1400 billion the day before and $<> billion at the end of last week.

That heightened fears that if the White House and congressional leaders failed to reach an agreement on raising or suspending the government's debt ceiling, the United States would run out of money in early June, triggering the country's first debt default.

Gennadiy Goldberg, strategist at TD Securities, said, "We will soon reach a point where we need to raise the government debt ceiling immediately and without delay... The market can get very tight. ”

In order to resolve the federal debt ceiling crisis, Biden will return to Washington on the 21st, and he was scheduled to visit Papua New Guinea and Australia after the G7 summit.

On the 18th local time, McCarthy said that the House of Representatives is expected to review the debt ceiling agreement next week. On the same day, US Vice President Harris and White House economic adviser Leonard again warned that a default on US debt would plunge the US economy into recession.

According to Reuters/Ipsos poll data on the 15th, three-quarters of Americans are worried that a government default will hit ordinary families hard.

U.S. Treasury Secretary Janet Yellen previously said that the earliest time for the United States to default on its debt may be June 6.