Debt default looms as talks continue: Wall Street prepares.

President Joe Biden and House Speaker Kevin McCarthy are set to meet with other top congressional leaders to discuss the debt ceiling, with negotiations ongoing behind the scenes. While Biden remains optimistic, McCarthy believes they are still far apart. The White House has maintained that Biden intends to go to the G-7 summit in Japan later this week, but the president himself has said that could change depending on the debt ceiling talks. Defaulting on sovereign debt would wreak havoc on the economy and roil global markets.