US Debt-Ceiling Talks: Biden and Republicans Prepare for Critical Negotiations.

President Joe Biden and Republican House Speaker Kevin McCarthy are preparing for critical debt-ceiling talks, with just over two weeks to go before the US government could run short of money to pay its bills. Republicans have said they will not vote to raise the debt ceiling unless Democrats agree to sharp spending cuts. Failure to lift the limit could trigger a default that would set off a sharp economic downturn. The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4tn debt limit.