Debt Ceiling Talks Spark Concerns for Wall Street and Economy

President Biden is set to meet with Speaker Kevin McCarthy and other congressional leaders on Tuesday to discuss the nation's taxes, spending, and debt as a potentially catastrophic government default rapidly approaches. The parties share almost no common ground on tax and spending proposals that are meant to reduce the growth of the nation's $31.4 trillion debt. Republicans say they will not raise the limit without significant curbs in spending, while Biden wants to expand federal spending and reduce future debt, largely by raising taxes on high earners and large companies.