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Biden to resume in-person negotiations on lifting US debt ceiling US President Joe Biden is meeting with Republican House Speaker Kevin McCarthy this Monday, resuming talks on raising the government's borrowing limit. Washington has until June 1 to reach a deal before the government runs out of money to pay its bills, which would send shockwaves through the US economy and global financial markets. Republicans want the Biden administration to commit to massive spending cuts, but Democrats say they need to back down from their "extreme positions".