Debt ceiling standoff intensifies as both parties refuse to budge.

Congressional leaders are at an impasse over the debt limit, with House Democrats preparing a discharge petition to force a vote on a "clean" hike to the borrowing limit, while Republicans demand concessions from Democrats. Senate Minority Leader Mitch McConnell stressed that a deal must be struck by President Joe Biden and Speaker Kevin McCarthy at next week's White House meeting. Republicans are unlikely to support the discharge petition, and a clean debt ceiling hike through the 2024 election is considered a "gimmick" by Senate Republicans. A temporary increase in the borrowing limit may be needed to avoid economic turmoil while leaders work on a longer-term solution.