Australia Cancels Quad Summit After Biden Calls Off Trip Amid Debt Crisis

Joe Biden and opposition Republican leaders on Tuesday offered hope of a deal that could avoid a catastrophic US debt default, although the president was forced to shorten an upcoming Asia-Pacific tour for further crisis talks.

After the latest negotiations ended without a breakthrough, Republican House speaker Kevin McCarthy told reporters there was still "a lot of work to do" to break the high-stakes standoff with Democrat Biden over the borrowing limit.

But while stark differences remained, the White House said Biden was "optimistic that there is a path to a responsible, bipartisan budget agreement if both sides negotiate in good faith."

And McCarthy likewise indicated he ultimately expected a deal, even if so far "nothing has been resolved."

"America is the number one economy in the world. And when we get done with these negotiations, America's economy is going to be stronger," he said.

The US president -- who flies to Japan on Wednesday for a G7 summit -- scrapped subsequent stops in Papua New Guinea and Australia, instead returning to Washington on Sunday.

In Sydney, Biden was meant to meet the leaders of Japan, India and Australia as part of a "Quad" grouping widely seen as a counter to China.

Australian Prime Minister Anthony Albanese said Quad talks would instead take place in Japan.

The Treasury has warned of grim consequences if the country runs out of cash to pay its bills, which would leave it unable to pay federal workers and trigger a likely surge in interest rates with knock-on effects for businesses, mortgages -- and global markets.

The United States could begin defaulting on its debts "potentially as early as June 1," Treasury Secretary Janet Yellen said Monday, while the nonpartisan Congressional Budget Office has forecast June 15.

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Quad meeting with PM Modi, US President Biden, Australia's Albanese, Japan's Kishida called off | Mint

Australian Prime Minister Anthony Albanese has announced that the scheduled Quad leaders meeting in Sydney will not proceed as planned. The announcement follows US President Joe Biden's cancellation of his visit to Australia. Instead, the leaders of Australia, the United States, India, and Japan will convene at the G7 Summit in Japan this weekend.

President Biden recently declared that he would postpone his visit to Australia, as well as his trip to Papua New Guinea. The decision was made due to ongoing uncertainties and intense negotiations with the opposition Republican party to prevent a potential default on the United States' debt, which would mark a historic event.

“The Quad leaders' meeting will not be going ahead in Sydney next week," Albanese said in Tweed Heads, a town in New South Wales.

Albanese says it's still possible that Indian Prime Minister Narendra Modi will visit Sydney next week, ABC News reported.

President Biden has shifted his focus to domestic affairs, engaging in negotiations with Republicans to avert a potential US debt default by the end of the month. 

As this matter holds significant consequences for the American economy, with potential ripple effects on a global scale, it is understandable that Biden has prioritized resolving this issue, according to remarks made by Albanese.

Furthermore, the Australian PM acknowledged Biden's disappointment regarding his inability to visit Australia, instead proposing that the Quad leaders convene during the G7 leaders meeting in Hiroshima.

Albanese said that all four leaders, namely President Biden, Japanese Prime Minister Fumio Kishida, Indian Prime Minister Narendra Modi, and himself, would be attending the G7 summit in Hiroshima over the weekend. 

There are efforts being made to arrange a meeting among the leaders during this time, with the individual expressing their intention to have a bilateral discussion with President Biden. However, no specific time has been confirmed for this arrangement at the present stage.

According to him, it was still possible that Prime Minister Modi and PM Kishida would visit Sydney next week, but officials in all three countries were still trying to confirm their plans.

"We are in discussions with the Quad leaders over today. We'll make further announcements about that, but Prime Minister Modi would certainly be a very welcome guest here next week," he said.

In November 2017, India, Japan, the US and Australia gave shape to the long-pending proposal of setting up the "Quad" to develop a new strategy to keep the critical sea routes in the Indo-Pacific free of any influence amid China's aggressive behaviour in the region.

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