Debt ceiling negotiations show progress but challenges remain.

Democratic negotiators informed President Joe Biden that they are making "steady progress" in talks with Republicans aimed at avoiding a U.S. default. Republicans have refused to vote to lift the debt ceiling past its $31.3 trillion limit unless Biden and his Democrats agree to spending cuts in the federal budget. The U.S. government may default on some debts as early as June 1 unless Congress votes to lift the debt ceiling, and economists fear the country will slide into a recession. Biden cut his trip to Asia short and now plans to return home on Sunday to finish the negotiations.