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US debt ceiling talks break off with no immediate plans to resume.

Plus, what happens on the X-date if no agreement has been reached?

It is effectively the date of default, whether it's a default on a debt,

or it's a default on a different obligation like a social security benefit,

that has to be determined.

And the fight over the debt ceiling puts the spotlight on clean energy funding.

It's Friday, May 19th.

I'm Danny Lewis for The Wall Street Journal, filling in for Anne Marie for Tolly.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

In just a few weeks, the US could no longer be able to pay its bills.

The Biden administration has been negotiating with Republican leaders from the House over raising the debt ceiling,

which limits what the government can borrow.

But now talks have broken off, and the negotiators have no immediate plans to resume discussions.

Wall Street Journal, Washington Bureau reporter Shavan Hughes has the latest from the hill.

Okay, Shavan, negotiators met this morning.

Did they explain why talks broke off?

The lawmakers did not say specifically what the point of contention was or the point of contention.

So it was described in broader, more global terms.

The clearest detail we got came from House Speaker Kevin McCarthy,

...