The US is facing the possibility of defaulting on its trillions of dollars of debt. President- Joe Biden may have to skip the G7 meeting in Japan if it remains unresolved.
EDnews informs via DW that talks between Democrat President Joe Biden and Republican Speaker of the House Kevin McCarthy failed to result in an agreement to raise the debt limit of the US government weeks ahead of a looming default.
Both the Democrat-controlled Senate and the Republican-controlled House of Representatives have to agree to raise the debt ceiling.
If not, there are fears that the US will default on its $31.4 trillion (€28.6 trillion) in debt.
Senate Democratic and Republican leaders Chuck Schumer and Mitch McConnell as well as House Democrat leader Hakeem Jeffries were also present for the hour-long talk.