President Joe Biden is running out of time for a last-minute deal with Republicans to avert an economically catastrophic first-ever default on US debt and potentially expedite federal energy permitting. Biden needs to negotiate a deal soon with Republican US House speaker Kevin McCarthy to give Congress enough time to raise the existing $31.4 trillion limit on federal debt before 1 June - the earliest date on which the US will be at risk of running out of funds to pay all of its bills. A large tranche of payments is due on 1-2 June, but deal negotiations remained in flux throughout this week. "There's a number of places that we are still far apart," McCarthy said on 24 May.
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