Biden and McCarthy's Debt-Ceiling Meeting: Progress or Stalemate?

President Joe Biden and top congressional Republican Kevin McCarthy will meet to discuss a deal to raise the US government's $31.4tn debt ceiling and avoid an economically catastrophic default. The US Treasury Department has warned that it could run short of money to pay all its bills as soon as June 1, which would trigger a default that economists say would be likely to spark a sharp economic downturn. Republicans have demanded that any increase in the government's borrowing cap be linked to spending cuts. Democrats have criticised Republicans for blocking a debt ceiling hike after helping to raise it three times under Biden's Republican predecessor, Donald Trump.