Debt ceiling uncertainty looms over US politics.

President Biden expressed confidence at the G7 summit that the US will avoid default as the deadline for lawmakers to reach a deal approaches. Treasury Secretary Janet Yellen has warned that the US could default on its debts as soon as June 1 if an agreement to raise the ceiling is not enacted. Republicans have demanded widespread spending cuts in exchange for voting to raise the debt limit, while Biden and Democrats have wanted to minimize cuts tied to the debt ceiling and pass something closer to a clean bill to raise the limit by itself.