President Joe Biden met with House Speaker Kevin McCarthy, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell to discuss the looming deadline to increase the nation's borrowing authority to avoid defaulting on the national debt. Biden warned Republicans not to hold the economy hostage to their budget-cutting demands, while McCarthy insisted that a debt ceiling hike must be tied to budget cuts. The parties are still in discussions to reach an agreement before the deadline, or else the U.S. could default on its debt with serious economic consequences.
