and i m max foster. just ahead negotiations still ongoing, still unresolved. stewart rhodes was sentenced to 18 years in federal prison on thursday. have a good day. next. memorial day weekend is just the start of what will be a busy summer travel season that we re expecting. live from london, this is cnn newsroom with max foster and bianca nobilo. it is friday, may 26, 9:00 a.m. in london, 4:00 a.m. in washington where they are moving closer to a day to pay the government s bill. it would reportedly raise the debt ceiling but cap spending levels for two years. and manu raju reports that nothing is final until it is final. reporter: negotiations between the speaker and his top allies and the white house still ongoing, still unresolved, even as the u.s. is considering prospects of the first ever debt default as soon as next week and amid warnings that the u.s. credit rating could be downgraded if the national down limit which now stands at $31.4 trillion
more now on the day ahead in the uk, and we could know as early as this afternoon who the next leader of the conservative party is and therefore our prime minister. as you ve been hearing, borisjohnson has pulled out of the contest, saying the time isn t right and would not lead to much needed party unity. this leaves two contenders former chancellor rishi sunak and the leader of the house of commons, penny mordaunt, with mr sunak currently the front runner. by 2pm this afternoon if penny mordaunt hasn t got 100 backers or more, then rishi sunak is in post. if both candidates are still in play, then mps vote to state their preference. let s take a look at how the markets are trading today during asian time. we have the dollar versus again, i was hoping to show you the pound but the detail is not on that particular screen, when i looked at it months ago the pound was buying just over $1 13 cents, fairly steady versus the dollar and up slightly versus euro. joining me now is
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rest. so for example, treasuries are generally considered the safest of safe assets. everything else is benchmarked against them in terms of how risky they are. if suddenly u.s. treasuries are revealed to be riskier, that has some cascading effects that basically reset the perceived riskiness of everything else. treasuries are also used for example as close lateral in a lot of other trades. if that collateral suddenly becomes worst a lot less than a lot of people was, which is what happens basically if we default on our debt, that can affect other markets as well. so the question is how long can both sides hold out. there are six days left until i say six days left but then the treasury intimated d yesterday that they will said this $116 billion of debt due on the deadline. so maybe the deadline is not as
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