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U.S. House Speaker McCarthy talks to reporters at the U.S. Capitol in Washington.
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Debt ceiling deal comes down to the wire

Debt ceiling showdown deal comes down to the wire.

Broke Monopoly man surrounded by the world "default" in front of the US Congress
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Biden returns to join US debt ceiling talks

With a June 1 deadline fast approaching, the two sides have moved a bit closer yet remain far apart.

General view of the US Department of the Treasury in Washington, DC.
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US debt ceiling looms over a House divided

What does this mean and why does the threat of a US default matter?