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No signs of progress from White House or Republicans in 'tough' debt ceiling talks

U.S Speaker of the House Kevin McCarthy talks to reporters about the debt ceiling after the departure of White House negotiators in Washington, May 23, 2023. [Reuters]

Representatives of U.S. President Joe Biden and congressional Republicans ended another round of debt ceiling talks on Tuesday with no signs of progress as the deadline to raise the government's $31.4 trillion borrowing limit or risk default ticked closer.

The two parties remain deeply divided about how to rein in the federal deficit, with Democrats arguing wealthy Americans and businesses should pay more taxes while Republicans want spending cuts.

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