President Joe Biden on Saturday signed a bill that suspends the US government's $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare.

Secretary of the Treasury Janet Yellen announced on May 1 that unless the US Congress raises the ceiling, the US government could run out of cash as early as June 1.

US President Joe Biden and top congressional Republican Kevin McCarthy could speak as soon as Sunday in talks over raising the federal $31.4 trillion debt ceiling.

The US government could start to run out of money if Congress fails to raise the debt ceiling by the end of the month. DW looks at the wider impact of a possible debt default.