Debt ceiling: Janet Yellen warns US could run out of cash by 1 June

In this instance, House Republicans have demanded drastic spending cuts and a reversal of some aspects of President Biden’s agenda – including his student loan forgiveness programme and green energy tax credits – in exchange for votes to raise the debt ceiling. This, in turn, has prompted objections from Democrats in the Senate and from President Biden, who said last week that the issue is “not negotiable”.