Debt ceiling negotiations on hold as Biden attends G-7 summit, sparking concerns over urgency.

House Speaker Kevin McCarthy has said that negotiations on the debt ceiling will not resume until President Joe Biden returns from the G-7 summit in Japan. Any deal to raise or suspend the debt limit will need to pass in both the GOP-led House and the Democratic-controlled Senate, and key lawmakers in both parties have acknowledged that the eventual compromise bill could be unacceptable to hardliners. Treasury Secretary Janet Yellen pegged June 1 as the earliest date on which the United States could run out of money to pay debts the government has already incurred.