Debt limit negotiations stall as White House and Republicans clash over urgency.

Speaker Kevin McCarthy has stated that debt limit negotiations cannot move forward until President Biden returns to Washington. The White House responded by accusing McCarthy's team of putting forward an offer containing extreme partisan demands. Talks briefly broke down on Friday, but resumed several hours later. Biden is currently in Japan for the G-7 summit, but has cut his trip short due to the ongoing negotiations. Treasury Secretary Janet Yellen has warned that default could occur as early as June 1.