House Republican leader Kevin McCarthy says he sees a "breakthrough" in debt ceiling talks. Government expects the federal debt ceiling to be reached as early as June 1.
Fears that the world's largest economy will default on debt repayments, triggering a global financial storm. Joe Biden has appointed two special negotiators on the file, and cut short a diplomatic tour in Japan to supervise the discussions in the Oval Office. Some Senate Democrats are pushing him through in force, invoking the 14th Amendment to the Constitution.