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Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused

Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused, potentially causing a default that could shake the world economy.
Republicans are pushing for sharp spending cuts in exchange for the increase in the government's self-imposed borrowing limit, whilst Democrats want to hold spending steady at this year's levels. 

The Treasury Department has warned that the government could be unable to pay all its bills as soon as June 1.

The last time the nation got this close to default was in 2011, also with a Democratic president and Senate with a Republican-led House.
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