The threat of default in the payment of American debt is getting closer. Negotiations between President Joe Biden and opposition Republican House Speaker Kevin McCarthy over raising the debt limit have failed. The US Congress has a deadline of June 1 to raise the debt limit. Although Biden has claimed. That the talks went well and there is no longer any risk of default. McCarthy said that until the agreement is reached, he hopes to talk to Biden daily. Republican Party leaders are calling for spending cuts in Congress to support raising the debt ceiling.