Draghi on deck

The US president will be speaking with Democratic and Republican congressional leaders at the White House on Tuesday to discuss raising the debt ceiling. We take a closer look at the potential consequences of the US defaulting on its debt.

As a deadline looms on raising the US government's $31.4 trillion debt ceiling, President Joe Biden began talks with congressional leaders at the White House on Tuesday. Republicans are seeking concessions from the Biden administration to lift the borrowing limit, but the White House has said there should be no negotiations. Officials have warned that the US could default on its debt by as soon as June 1.

The president of the United States, Joe Biden, met Tuesday with the leader of the Republican majority in the House of Representatives, Kevin McCarthy, to discuss the debt limit, without reaching an agreement.

US President Joe Biden will take part in a G7 summit in Japan, but further stops in Papua New Guinea and Australia have been scrapped due to the debt crisis back home.

US President Joe Biden is meeting with Republican House Speaker Kevin McCarthy this Monday, resuming talks on raising the government's borrowing limit. Washington has until June 1 to reach a deal before the government runs out of money to pay its bills, which would send shockwaves through the US economy and global financial markets.

The US president vowed that a US debt default would be avoided, as a deadline for agreeing on more borrowing loomed. However, Biden acknowledged remaining differences with Republicans.

US Treasury Secretary Janet Yellen warned that inaction on the debt ceiling would "cause severe hardship." The previous estimate for a potential debt default was June 1.

US President Joe Biden was optimistic about the US averting a technical default. Republicans have refused to raise the nation's debt limit unless Democrats make concessions on spending plans.

US President Joe Biden has announced that an agreement has been brokered with Republican House Speaker Kevin McCarthy to raise the government's debt ceiling This pivotal piece of legislation, now poised for a vote in Congress, requires a simple majority for its enactment. If passed, it would circumvent an unprecedented debt default potentially looming as early as June 5. President Biden characterises the proposed legislation as a "compromise", outlining a two-year budget plan which, in essence, holds non-defence spending steady for 2024.

The US debt ceiling deal still needs to pass in the voting round expected to take place in the House of Representatives.

A divided U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition led by hardline conservatives and avoid a catastrophic default.

The vote came just five days before the deadline to avoid a crippling default. The bipartisan agreement will now go to the Senate.