Debt ceiling deadlock intensifies in US Senate.

US Senate Republicans and Democrats are at odds over the $31.4tn debt ceiling, with Republicans calling on President Joe Biden to accept their party's debt-ceiling package or make a counter-offer, while a top Democrat said the Senate might try to advance a "clean" debt-ceiling hike next week. Treasury Secretary Janet Yellen informed Congress on Monday that the US government will be unable to meet all its obligations "potentially as early as June 1" unless lawmakers act on the debt ceiling. The failure of Congress to act on the debt ceiling would result in a catastrophic first-ever US default that could cripple the nation's economy and unsettle world global financial markets.