Debt ceiling negotiations stall as US House prepares to vote on Republican bill.

The Republican-controlled US House of Representatives will vote on a spending and debt bill proposed by Speaker Kevin McCarthy this week, which pairs $4.5tn in spending cuts with a $1.5tn increase in the $31.4tn US debt limit. President Joe Biden and the Democratic-controlled Senate are likely to reject the proposal, but McCarthy has called it a basis for negotiations between the two parties. Failure to raise the debt ceiling would lead to a US default on its financial obligations, shaking the global economy.