The White House on Friday characterized discussions over the U.S. debt ceiling as “productive,” as President Joe Biden and congressional leaders were set to meet again on the issue early next week. A meeting scheduled for Friday was postponed, but a source familiar with the meetings called the delay a “positive” development, as staff work was continuing. In the latest warning on the consequences of not raising the borrowing limit, the Congressional Budget Office said Friday that the U.S. government faces a significant risk that it will no longer be able to pay all of its obligations “at some point in the first two weeks of June” if Congress doesn’t increase the debt ceiling.

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