[HIGHLIGHTS] The battle over the debt ceiling continues – Republicans believe in "deal"

Biden is cutting short his planned Asia trip this week due to debt ceiling negotiations. The US president will travel to Japan on Wednesday to attend the G7 summit.

The reason is that the US risks entering a fiscal crisis unless the country's debt ceiling is raised. The Treasury Department has warned of "catastrophic" consequences if the U.S. were unable to pay its bills, which would likely trigger a rise in interest rates. It would also shake up global financial markets worldwide.