Debt ceiling negotiations at a standstill as Biden attends G-7 summit.

Negotiations between the White House and Republican congressional leaders over the debt ceiling crisis have stalled, with both sides failing to reach an agreement. The White House accused House Speaker Kevin McCarthy's team of submitting a deal that contained extreme partisan demands. The two sides have competing demands and priorities on spending, with Republicans calling for cutting overall spending while still implementing increases to defense spending, a move which White House officials fear could lead to greater cuts to non-defense discretionary spending. President Biden is optimistic a deal can be reached, but Treasury Secretary Janet Yellen has warned the US could default on its debt as soon as June 1.