US President Joe Biden said on Wednesday that he is confident an agreement with congressional leaders will be reached regarding the US debt ceiling being raised and that the US government will not default on its financial obligations.

"We are confident that we'll get the agreement on the budget, that America will not default," Biden said. "We're going to come together because there's no alternative to doing the right thing for the country. We have to move on."

WATCH: “I’m confident that we’ll get the agreement on the budget and America will not default,” President Joe Biden said Wednesday at the White House.

He said he and lawmakers will come together “because there’s no alternative.” https://t.co/n2YIiFpKWM pic.twitter.com/tuwOF5LIV0

— Washington Week | PBS (@washingtonweek) May 17, 2023

The US President noted he will be in constant communication with his team while away to attend the G7 summit that will be held in Hiroshima, Japan, from May 19-21. 

He added that he will remain in close contact with US House Speaker Kevin McCarthy and with other congressional leaders.

"I'll be in constant contact with my team while I'm at the G7 and I'll be in close touch with [House] Speaker [Kevin] McCarthy and other [congressional] leaders as well," Biden said.

No serious person – Republican or Democrat – has ever thought defaulting on America's debt was an option. pic.twitter.com/7FgGkguHHx

— President Biden (@POTUS) May 16, 2023

On another note, the US President said he will be meeting with Chinese President Xi Jinping "soon enough."

"Soon enough we will be meeting," Biden said during a press briefing when asked when he is planning to meet with his Chinese counterpart.

Read more: Biden, McCarthy to resume debt talks after new default warning

Earlier today, Biden announced he will not be attending the Quad meeting in Sydney as the brawl with Republicans over the debt ceiling saw limited prospects for an agreement this week as the US Treasury June deadline looms.

Australia's Prime Minister Anthony Albanese announced that the four-party coalition meeting on May 24 was canceled, stating that it will not be held without the American President.

While Biden announced last week that he might not attend the upcoming G7 meeting in Japan if the issue is not resolved, stating that the debt ceiling "is the single most important thing on the agenda," it was later confirmed that he will be attending the summit held in Hiroshima on Wednesday.

“The Quad is an important body and we want to make sure that it occurs at leadership level and we’ll be having that discussion over the weekend,” Albanese said, noting that it was “appropriate that we talk."

The American President is expected to meet with Quad presidents on the sidelines of the G7 meeting instead, which is scheduled for three days starting Friday.

Read more: US Treasury: debt default will make the world not invest in dollars