Fears over potential US debt default grow after latest round of talks fail to produce a breakthrough, while China calls on Washington to work on the crisis and 'not pass it on to' the world
Failure to strike a deal would be unprecedented, and certain to throw US financial markets into turmoil, inflicting economic pain at home and abroad. / Photo: AP
With barely a week to go before a deadline as soon as June 1, the Democratic president and the Republican speaker were staring down a financial crisis. "We’re not there yet," McCarthy said at the Capitol, reiterating he won’t bring any bill forward “that doesn’t spend less than we spent this year." He told reporters the teams are eyeing"creative" ways of rolling back spending that all sides can accept."I believe we can still get there — and get there before June 1," McCarthy said.
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