Debt limit negotiations between the White House and House Republicans hung over the weekend with tough talk but little action, as President Joe Biden and world leaders kept watch from afar hoping high-stakes discussions would make progress on avoiding a potentially catastrophic federal default. The Biden administration and House Speaker Kevin McCarthy, R-Calif., are racing for a budget deal that would pave the way to increase the nation's debt limit. Republicans are demanding steep spending cuts that Democrats oppose as too severe. The two sides are up against a deadline as soon as June 1 to raise its borrowing limit, now at $31 trillion, so the government can keep paying the nation’s bills.