Joe Biden to Break Deadlock on US Debt Ceiling 

President Joe Biden and top Republican Kevin McCarthy are due to meet at the White House on Monday for talks on lifting the US debt ceiling. <br />The two sides remain at odds over budget cuts demanded by the Republicans as a condition for raising the ceiling. <br />Failure to do so by June could result in the US defaulting on its debt. <br />That would mean the government could not borrow any more money or pay all of its bills. It would also threaten to wreak havoc on the global economy, affecting prices and mortgage rates in other countries. <br />The president cancelled foreign visits that were due to follow the three-day summit in Hiroshima, in order to deal with the impasse over the federal debt.