Quad Summit in Australia Canceled due to Debt Crisis

Australian Prime Minister Anthony Albanese said that a summit between the leaders of Australia, India, the United States of America (USA), and Japan has been canceled because of America's national debt, according to Russia Today.

Albanese added on Wednesday that the Quartet meeting, which was scheduled to take place in Sydney on May 23–24, will not take place.

Yesterday, Tuesday, US President Joe Biden canceled pre-planned trips to Australia and Papua New Guinea due to the financial situation in his country.

As early as June, the US Treasury calculated that the USA would not be able to fully meet its obligations if Congress did not authorize a hike in the national debt ceiling.

Treasury Secretary Janet Yellen warned Congress that the administration may run out of emergency measures regarding achieving the national debt ceiling as early as June 1.

She has repeatedly emphasized that in this case, the country will face a federal debt default, which will lead to an "economic disaster" in the United States and may also cause shocks in the global economy.