Debt limit stalemate sparks political showdown in Washington.

Senate Democrats criticize the GOP bill that would raise the debt ceiling in exchange for steep spending cuts, calling it a "dangerous" measure that would "gut basic federal programs." House Republicans passed the Limit, Save, Grow Act, which pairs a $1.5 trillion increase in the debt limit with $4.8 trillion in spending cuts. Democrats have referred to it as the “Default on America Act” and backed President Biden’s call for a “clean” debt ceiling increase. Biden is expected to sit down with McCarthy next week to discuss the matter, along with Senate Majority Leader Chuck Schumer (D-N.Y.), Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Hakeem Jeffries (D-N.Y.).