US Debt Limit Negotiations Progress as Deadline Approaches

05/14 12:41

President Joe Biden has stated that negotiations with Congress to raise the US government's debt limit are progressing, with further details expected in the next two days. Biden is set to meet with Republican House Speaker Kevin McCarthy and other congressional leaders early next week to continue discussions. The Treasury Department has warned that the US could run out of funds without an increase in the debt ceiling by June 1, and both sides are under increasing pressure to reach a consensus. Spending cuts under consideration include reform to boost energy production and revoking unused COVID-19 aid funds, but some lawmakers have expressed opposition to the proposed compromise.
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