Debt ceiling talks stuck on classic problem: Republicans demand spending cuts and Democrats resist

Debt ceiling negotiations are locked on a classic problem that has vexed Washington before: Republicans led by House Speaker Kevin McCarthy want to roll back federal government spending, while President Joe Biden and other Democrats do not. Time is short to strike a deal before a deadline as soon as June 1, when the Treasury says the government risks running out of cash to pay its bills. Negotiators are to reconvene Wednesday. McCarthy is rejecting a White House counter-offer to freeze spending instead of cutting it as the two sides try to strike a budget deal in exchange for a vote to raise the government's borrowing limit.