Biden and McCarthy discuss debt ceiling crisis ahead of potential default.

President Joe Biden is meeting with Democrat and Republican leaders on Tuesday to discuss the urgent issue of the debt ceiling, but significant progress is not expected due to the parties' differing stances. Democrats want a "clean" debt ceiling increase without spending cuts, while Republicans want to use the bill as leverage for social spending cuts. Failure to raise or suspend the debt ceiling could lead to a default, causing delays in important payments, skyrocketing interest rates, and a potential financial crisis. A deal could involve concessions from both parties, finding middle ground on spending, and including some kind of concession for Republicans to "save face."