Biden is trying to reach a debt ceiling deal by June 1 to lift the threat of economic calamity. Read more at straitstimes.com.
WASHINGTON - Democratic President Joe Biden and top congressional Republican Kevin McCarthy’s US debt ceiling negotiations ended on Tuesday after less than an hour, as the looming fear of an unprecedented American debt default prompted Biden to cut short an upcoming Asia trip.
The president leaves on Wednesday for a three-day G7 summit in Japan, but a source said Biden decided on Tuesday to skip a stop to Papau New Guinea and Australia afterward. Biden and McCarthy have little time to strike a deal. On Monday, the Treasury Department reiterated its warning that it could run short of money to pay all its bills as soon as June 1, triggering a default that economists say would be likely to spark a sharp economic downturn.
In the past week, staffs for both sides have discussed a range of issues, including spending caps, new work requirements for some benefit programs for low-income Americans and changes to energy permitting in exchange for votes to lift the limit, according to people briefed on the talks.
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