US President Joe Biden and top Republican Kevin McCarthy are making progress in
talks to raise the US debt ceiling before the looming 1 June deadline, as
Congress breaks up for a holiday weekend. A potential deal could secure a
two-year increase in the government's borrowing limit, ensuring the continued
payment of bills and averting a catastrophic
default with global repercussions.
The negotiations involve compromises on spending cuts and protection of key
domestic programs, allowing both parties to claim victories. The Treasury has
warned of severe economic consequences if an agreement is not reached in time,
making the ongoing discussions crucial for the nation's stability. |