Debt ceiling negotiations heat up with Biden's team and GOP pushing for a deal.

President Biden has assigned Office of Management and Budget Director Shalanda Young and White House senior adviser Steve Ricchetti to negotiate with House Speaker Kevin McCarthy's proxy to avoid a default on U.S. debt payments. The Republicans are demanding that Biden cut spending that funds some of his top priorities in exchange for agreeing to lift the debt ceiling. Young and Ricchetti's selection was welcomed by Sen. Kyrsten Sinema, I-Ariz. It remains to be seen whether whatever deal is reached will be agreeable to both parties.