Debt ceiling talks continue between Biden and McCarthy, 14th Amendment may be necessary.

President Biden and House Speaker Kevin McCarthy met to discuss the debt limit, but the meeting ended without a deal. Both expressed optimism that they can strike an agreement and avoid an unprecedented default. Treasury Secretary Janet Yellen reiterated that the nation could run out of money to pay its bills as early as June 1. Biden and McCarthy will continue to discuss the path forward, but they need to reach a deal that is acceptable to both parties. A default could severely affect financial markets, increase mortgage rates and interest rates on credit cards, and could cause government workers and Social Security recipients to go unpaid.