Biden's Debt Ceiling Negotiations with GOP Senators and Business Leaders

A letter signed by 43 Republican senators, initiated by Utah Sen. Mike Lee, puts additional pressure on President Joe Biden to agree to cuts as part of negotiations on the debt ceiling. Biden has said he wants a "clean" bill, but Lee and other senators say they won't raise the debt limit without "substantive spending and budget reforms." The House Republican bill, called the "Limit, Save, Grow Act," increases the debt ceiling by $1.5 trillion in exchange for $4.8 trillion in cuts over the next 10 years. Democrats have blasted the bill over the cuts included. Treasury Secretary Janet Yellen reiterated her warning that the nation will run out of cash by June 1 unless Congress raises the debt limit.