NEW DELHI: US President Joe Biden has postponed his visit to Australia on the second leg of his upcoming Asia tour to focus on crucial debt-limit talks to avert a crippling federal default, the Quad leaders’ meeting in Sydney has been cancelled. . Biden postponed his trip to Australia, along with Papua New Guinea, amid uncertainty and intense negotiations with the opposition Republican Party to ensure the US does not default on its debt for the first time in history.
Following the US President’s announcement, Australian Prime Minister Anthony Albanese canceled the Quad leaders’ summit to be held in Sydney on May 24. Next week’s Quad leaders’ meeting in Sydney has been postponed. Prime Minister Albanese said. Albanese, however, made it clear that his Indian counterpart Narendra Modi will be visiting Australia next week and he is looking forward to welcoming Modi.
He was asked whether Prime Minister Modi would visit Sydney even after the cancellation of the Quad leaders’ meeting in Sydney.
The Prime Minister will also meet with businessmen along with Modi and attend a public event at Homebush, the site of the Olympics in Sydney. However, Japanese Prime Minister Fumio Kishida has canceled his visit to Australia after Biden’s announcement. On the other hand, sources in India said that despite the cancellation of the meeting of the Quad leaders, there has been no change in Prime Minister Modi’s visit to Australia. Modi is visiting Australia from May 22 to May 24.
If America defaults, 80 lakh jobs will be lost
“It will devastate retirement accounts, raise borrowing costs and, according to Moody’s, nearly eight million (8 million) Americans will lose their jobs, and our international reputation will be severely damaged if we let it happen. It’s disappointing that our discussions with congressional Republicans are unwilling to discuss raising revenue,” Biden said.