[HIGHLIGHTS] US debt ceiling talks foundered: 'Leading nowhere'

Negotiations on the US debt ceiling are deadlocked, the White House says. The move comes as President Joe Biden is in Japan for the G7 summit.

The U.S. Treasury Department has warned of "catastrophic" consequences if the US doesn't raise its debt ceiling. The political process of raising the debt ceiling recurs periodically, but so far the US has avoided defaulting on debt payments. The US Congress must decide to borrow more money in order to be able to pay the amortization and amortisation of loans.