President Biden rejects GOP demands for spending cuts



U.S. President Joe Biden has rejected Republicans' demands for spending cuts in negotiations to avoid a U.S. debt default as "unacceptable."

The Treasury Department is warning that the U.S. risks defaulting on its debts after the first of June unless it can raise its borrowing limits. Biden says he is willing to cut spending to clinch a deal and vowed to avoid a default.

Owen Fairclough reports.