Biden wants to hold talks at the highest level on the US debt dispute on Sunday

The US President returned today from the G7 meeting in Japan.

In light of the failed talks to raise the US debt ceiling, President Joe Biden is seeking talks with the top representative of the opposition Republican Party as soon as possible, according to the government. Biden may want to speak with House Republican Speaker Kevin McCarthy on Sunday, a presidential office spokesman said.

The president, returning from the G7 summit in Japan later in the day, was briefed by his negotiating team on the status of the talks, which stalled inconclusively on Friday. The debate is about raising the federal debt ceiling from the current $31.4 trillion. According to the Treasury Department, the United States has been in danger of defaulting since June without a deal. This could have serious consequences for the global financial system.

On Saturday, McCarthy said he did not expect talks to move forward until Biden returns from the G7 meeting. Biden's Democrats, who control the Senate, and Republicans, who dominate the House of Representatives, have accused each other of reluctance to move forward in negotiations. However, on the sidelines of the G7 summit in Hiroshima on Saturday, Biden is confident a deal can be reached in time to prevent a national bankruptcy.

Republicans are calling for massive spending cuts, spending limits and job requirements for citizens who receive certain federal benefits. Biden and his fellow Democrats oppose cutting education and especially welfare.

Debt ceiling disputes are common in the US, and settlements are often reached at the last minute. But this time a very hard front between the parties and a very short time for compromise caused jitters in the stock market.