The U.S. could default if an agreement on the debt ceiling is not reached by June 1.
There are only ten days left for the White House and the Republican opposition to reach an agreement. Republicans refuse to raise this famous "ceiling" without conditions and indeed demand drastic budget cuts before giving their green light. Joe Biden, who has just returned from Japan where he was attending the G7 leaders' summit, is due to meet with Republican leader Kevin McCarthy on Monday to continue their tough negotiations.