Biden Debt Limit

House Speaker Kevin McCarthy of California, speaks as he meets with President Joe Biden to discuss the debt limit in the Oval Office of the White House on Monday in Washington.

WASHINGTON (AP) — Debt ceiling negotiators for President Joe Biden and House Speaker Kevin McCarthy holed up for more talks at the Capitol Tuesday, but Republicans warned of a “lack of urgency” at the White House to resolve the budget standoff in time to avert a potentially chaotic federal default.

With barely a week to go before a deadline as soon as June 1 the Democratic president and the Republican speaker were staring down a financial crisis. Failure to strike a deal would be unprecedented, and certain to throw U.S. financial markets into turmoil, inflicting economic pain at home and abroad.

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