As a deadline looms on raising the US government's $31.4 trillion debt ceiling, President Joe Biden began talks with congressional leaders at the White House on Tuesday. Republicans are seeking concessions from the Biden administration to lift the borrowing limit, but the White House has said there should be no negotiations. Officials have warned that the US could default on its debt by as soon as June 1.

The US president will be speaking with Democratic and Republican congressional leaders at the White House on Tuesday to discuss raising the debt ceiling. We take a closer look at the potential consequences of the US defaulting on its debt. Also in the show, Chinese police raid the offices of another US consultancy firm, accusing it of transmitting sensitive data abroad. Finally, good weather conditions in France mean fruit and vegetable prices have remained stable.

In an eleventh round of sanctions on Russia, Brussels is hoping to crack down on the evasion of existing trade restrictions, particularly when it comes to the re-exportation of sensitive technology that can be used on the battlefield in Ukraine. On Monday, the European Commission proposed curbing exports to nations it accuses of helping Moscow get around trade sanctions, as well as blacklisting several Chinese companies that sell equipment that can be used in weapons.

US Treasury Secretary Janet Yellen has urged lawmakers to find common ground and raise the country's borrowing limit. Speaking to ABC News, she also warned that the idea of invoking the 14th amendment to raise the debt ceiling could lead to a "constitutional crisis". Also, the Financial Times reports that Brussels is considering applying sanctions to seven Chinese companies for aiding the Russian war effort against Ukraine. Plus, Zimbabwe launches its own gold-backed digital token to reduce reliance on the US dollar.

The US Federal Trade Commission has unveiled a proposal that would bar social media giant Meta from profiting off the personal data collected from child users. The FTC is accusing Facebook and Instagram's parent company of repeated violations of data privacy policies. Also in the show, regional US lender WestPac is looking at "strategic options", fuelling concerns over the banking sector. Plus, after the US Federal Reserve, the European Central Bank is set to raise interest rates further.

The US Federal Reserve has hiked interest rates for the tenth time in a row, bringing the key lending rate to its highest level since 2007. But the central bank has signalled it could pause further rate hikes, as inflation eases and turmoil continues to spread across the American banking sector. Also in the show: eurozone inflation hits a record low of 6.5 percent, and Indian budget carrier Go First cancels flights as it files for bankruptcy.

Portuguese football star Cristiano Ronaldo tops the 2023 Forbes rankings of the world's highest-paid athletes. The striker's move to Saudi Arabian club Al-Nassr has meant a boost in salary and marketing opportunities, leading to earnings of $136 million in the last twelve months. Also in the show, we get the latest on the debt ceiling standoff between Republicans and Democrats in the US. Plus, shares in regional US banks continue to slide, even after the rescue of First Republic Bank.

Hollywood is at a loss for words, as thousands of film and television writers go on strike for the first time in 15 years. Members of the Writers' Guild of America voted to walk out after failing to reach a pay deal – they say they're paying the price for the switch to streaming content. Also in the show: inflation in the eurozone ticks higher, complicating the European Central Bank's next decision on interest rates.

US Treasury Secretary Janet Yellen has written to congressional leaders warning that the federal government could run out of cash as early as June 1, unless they agree on raising the debt limit or suspending it. President Joe Biden has invited Republican House leader Kevin McCarthy for talks on May 9. Failure to reach an agreement could cause "severe hardship", Yellen warns. Also on the show, we look at a crucial week ahead for investors after the failure of First Republic Bank. Plus, British energy giant BP posts higher-than-expected profits.

Amazon posted higher-than-expected revenues and profits for Q1 2023, but slowing growth in its profit-generating AWS cloud services sector sent shares tumbling after hours. Also in this edition: US economic growth slows sharply in the first quarter, and Paraguay's upcoming election on Sunday could have big geopolitical consequences for Taiwan.