US will run out of cash ‘in less than three weeks’: What this means

US president Joe Biden and Republican house speaker Kevin McCarthy held a sit-down meeting to discuss raising the country's debt ceiling. The debt ceiling is a spending limit set by US Congress that determines how much money the government can borrow. While Joe Biden said in a statement, “I just concluded a productive meeting with Speaker McCarthy about the need to prevent default and avoid a catastrophe for our economy. We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement.”