Key facts
- US House Speaker Kevin McCarthy and President Joe Biden will resume debt ceiling negotiations.
- Treasury Secretary Janet Yellen warned of a potential US default by June 1.
- The US national debt has exceeded $31 trillion.
- House Republicans are seeking spending cuts in exchange for raising the debt ceiling.
Negotiations between US House Speaker Kevin McCarthy and President Joe Biden are set to resume as the deadline for raising the nation's debt ceiling approaches. Treasury Secretary Janet Yellen has warned that the US could face a default on its obligations as early as June 1 if Congress does not act.
The US national debt has surpassed $31 trillion, and the looming deadline has intensified discussions about fiscal policy and government spending. House Republicans, led by McCarthy, have insisted on significant spending cuts as a condition for raising the debt ceiling, while the Biden administration has advocated for a clean increase without preconditions.