Debt Ceiling Talks Between Biden and McCarthy Remain Unresolved

Debt Ceiling Talks Between Biden and McCarthy Remain Unresolved

President Joe Biden and Republican House Speaker Kevin McCarthy have described their latest discussions on the debt ceiling as productive, but no agreement has been reached yet. The debt ceiling is a spending limit set by Congress that determines how much money the US government can borrow, and failure to raise it by June could result in the US defaulting on its debt.

Treasury Secretary Janet Yellen has warned that a default is highly likely as early as June 1st, causing severe hardship for American families. Despite the optimistic tone of the talks, the two sides still have differences, particularly regarding spending, which is a major sticking point.

How do you think the US government should approach the debt ceiling issue to avoid a potential default and its repercussions?