Resumption of US Debt Ceiling Negotiations

Negotiations resumed hours after being temporarily halted by the chief negotiator, Republican House Speaker Kevin McCarthy, and representatives of US President Joe Biden. McCarthy announced in an interview with Fox Business that negotiations regarding the US debt ceiling would continue. The halt in negotiations had raised concerns in financial markets with the deadline approaching to avoid default. Earlier on Friday, talks had been temporarily suspended between Republican members of the House and the Biden administration regarding raising the debt ceiling, although the White House stated that reaching an agreement was still possible. Both sides have little time left to agree on raising the federal government's borrowing limit of $31.4 trillion or risk catastrophic default. The Treasury Department previously warned that the government could be unable to meet all of its obligations by June 1.