Debt ceiling deadlock continues as Biden urges Republicans to take default off the table.

President Joe Biden urged House Speaker Kevin McCarthy to take the potential for a US debt default off the table, warning that it would result in skyrocketing credit card and mortgage rates. The threat of default by some Republicans in Congress was "totally irresponsible" and it was essential to take that threat "off the table." The US Treasury Department could run out of ways to pay its bills in a matter of weeks if Congress fails to act, and financial markets are already flashing warning signs. McCarthy hopes to lure Biden into negotiations on cutting spending, even as the White House and congressional Democrats insist on a debt limit increase with no strings attached.