McCarthy says some progress made in US debt ceiling talks

[superadmin]

WASHINGTON: White House and Republican negotiators made some progress in late-night talks about raising the government’s US$31.4 trillion debt ceiling, top congressional Republican Kevin McCarthy told reporters today.

Negotiations are going down to the wire as the Treasury department has warned the government could run short of funds to cover all its expenses as soon as June 1, which without a deal could trigger an economically catastrophic default.

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