Debt ceiling negotiations heat up as deadline looms.

The White House and congressional Republicans are expected to resume negotiations on a deal to raise the US government's $31.4tn debt ceiling, with as little as a week remaining until a potential economically catastrophic default. Time is running short, with the Treasury Department saying the US could run out of money to pay its bills as soon as June 1 if the debt ceiling is not raised. A US default could upend global financial markets and push the country into recession.