Tensions are mounting as the deadline for the US to raise its spending limits and avoid a potentially disastrous default looms on the horizon.Republican House Speaker Kevin McCarthy is meeting US President Joe Biden on Tuesday to discuss potential pathways forward. The United States Department of the Treasury has warned that it could run out of funds to cover the country’s bills as early as June 1.In US politics, it falls to Congress to raise spending limits and avoid default. McCarthy has said that he will not do so without an agreement to cut spending on social programmes.
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