Debt limit concerns loom over Democrats and Biden.

There is growing concern that President Joe Biden will be left defending a faltering economy if the government fails to avoid a default on the nation's debt. Failing to raise the borrowing limit to address the nation’s $31.4 trillion debt could trigger panic on Wall Street and prove politically disastrous for Biden, rattling the public’s confidence in the economy and his leadership as he heads into his re-election campaign. The worst-case scenario would be “a catastrophic political consequence that almost dictates the outcome of the 2024 election,” said a senior Democratic aide.