The Latest Breaking News from Kevin McCarthy

Debt limit talks between the White House and House Republicans stopped, started and stopped again heading into a weekend where President Joe Biden and world leaders watched from afar, hoping high-stakes negotiations would make progress on avoiding a potentially catastrophic federal default

President Joe Biden downplayed fresh concerns that tensions in U.S. debt limit negotiations could lead to a catastrophic U.S. default, saying Republicans and Democrats will still be able to reach an agreement.

WASHINGTON — Negotiators resumed talks Friday night to avert a catastrophic U.S. default hours after a Republican walk-out punctured optimism that a debt-limit deal was near and drove down stocks.

"This kind of a pause is a real problem given the tight timeframe."

Janet Yellen, the treasury secretary, has said that without action the US will cease to be able to pay its debts around 1 June

Stocks plunged showing concerns in regard to the debt ceiling as the president face criticisms from Republicans.

WASHINGTON — Debt-limit negotiations hit an impasse Friday as House Speaker Kevin McCarthy blamed the White House for resisting spending cuts, casting doubt on efforts in Washington to avert a catastrophic default.

House Speaker Kevin McCarthy's authority to negotiate the debt ceiling is being challenged by Rep. Alexandria Ocasio-Cortez.

Debt-ceiling talks stalled Friday, helping to cool the S&P 500 rally. A deal is likely, but things may get more tense before either side caves.