President-elect Joe Biden said he is “confident” that a deal can be reached to avert a U.S. default on its debt.
“I am confident that Congress will come together and find a way to avert a default on our debt,” Biden said in an interview with CNN.
He added that he believes a deal can be reached that will be “good for the economy.”
Biden also said that he would meet with congressional leaders to discuss the issue and that he is confident they will be able to reach a “good deal” that will help stave off the possibility of a default.
The incoming president noted that the issue is “not just about the debt, but about the economy overall.”
He said that he wants to make sure that the country is able to “start growing the economy in a way that helps everybody,” and that the debt situation needs to be addressed in order for that to happen.
Biden’s comments come as the U.S. Treasury Department has warned that the federal government could default on its debt unless Congress acts to raise the debt limit.
The government is projected to hit its borrowing limit early next year, and without an increase, the Treasury could run out of funds to pay its bills.