Debt ceiling standoff intensifies as parties refuse to budge.

Democrats publicly accuse Republicans of holding the nation's economic welfare hostage to demands for federal budget cuts, but behind the scenes, President Joe Biden, Senate Majority Leader Chuck Schumer, and House Democratic Leader Hakeem Jeffries have taken steps that could pave the way for an 11th hour deal with a small group of Republicans to avert a default by raising or suspending the nation's debt limit. The moves underscore a growing disconnect between the political rhetoric of the debt ceiling debate and the private reality of a potentially catastrophic U.S. default that now appears closer than it did just 24 hours ago.