Debt-ceiling negotiations stall as Biden and McCarthy clash.

President Joe Biden has called on House Speaker Kevin McCarthy to outline the spending cuts Republicans want in exchange for votes to raise the government's debt ceiling. McCarthy proposed scaling back domestic spending, clawing back unspent COVID-19 relief funds, and other changes that he said would save trillions of dollars. Biden urged the top congressional Republican to spell out his proposals before lawmakers leave Washington for a two-week recess set to start on Thursday. The political standoff has raised concerns in the financial markets about a possible U.S. debt default that could cripple the economy.