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Politics

What to expect as the US continues with debt ceiling negotiations

Joe Biden Kevin McCarthy United States Republican Janet Yellen White House

US President Joe Biden has said House Republicans have refused to raise the debt ceiling ‘unless I agree to all these wacko notions they have’ [Kevin Lamarque/Reuters]

Tensions are mounting as the deadline for the US to raise its spending limits and avoid a potentially disastrous default looms on the horizon.

Republican House Speaker Kevin McCarthy is meeting US President Joe Biden on Tuesday to discuss potential pathways forward. The United States Department of the Treasury has warned that it could run out of funds to cover the country’s bills as early as June 1.

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