Debt limit standoff continues with little progress as Biden attends G-7 summit.

Debt limit negotiations between the White House and House Republicans are ongoing, with Republicans demanding steep spending cuts that Democrats oppose as too severe. Talks are up against a deadline as soon as June 1 to raise the borrowing limit, now at $31 trillion, so the government can keep paying the nation’s bills. The latest proposal from the White House would keep discretionary spending flat from the current 2023 levels into fiscal 2024, according to a person familiar with the talks. Any deal would need the support of both Republicans and Democrats to find approval in a divided Congress and be passed into law.