President Joe Biden says progress has been made in talks with top Republican Kevin McCarthy over the US debt ceiling – even as Congress breaks up for a holiday weekend. The pair aim to reach a deal on raising the government borrowing limit for two years so it can keep paying its bills.
A debt default – with a 1 June deadline looming – would upend the economy and have a global impact.
The deal being reached could mean both sides can point to wins – Republicans on curbs to spending and Democrats on protecting key domestic programmes.
During a White House event on Thursday, the president said his staff remained in conversation with the team of Mr McCarthy, the House speaker – and that the two sides were “making progress”.
He added: “I made clear time and again defaulting on our nation debt is not an option.” He said Americans deserved certainty over issues such as social security payments.
With no deal yet struck, the Treasury has warned that the US will not have enough money to pay all of its bills as soon as 1 June.
Read more at BBC.com
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