"Deadline Looms: Biden and McCarthy Discuss US Debt Ceiling"

President Joe Biden and top congressional Republican Kevin McCarthy will meet to discuss raising the federal government's debt ceiling, just 10 days before the United States could face an unprecedented default. Any deal to raise the $31.4 trillion debt limit must pass both chambers of Congress before Biden could sign it into law. Republicans are pushing for discretionary spending cuts and defense spending increases among other demands in exchange for backing an increase in the government's self-imposed borrowing limit that would cover the costs of lawmakers' previously approved spending and tax cuts. Democrats want to hold spending steady at this year's levels, while Republicans want to return to 2022 levels.