McCarthy urges Biden to negotiate on debt ceiling as talks stall.

House Speaker Kevin McCarthy demanded a meeting with President Biden to discuss the nation's debt limit, but the White House and Democrats suggested it was premature until House Republicans produce their own budget proposal. Congress must raise or suspend the $31 trillion cap as soon as this summer or risk a default, a crisis that could rattle markets globally while triggering a potential recession in the United States. McCarthy argued Tuesday that legislation could be crafted to raise the debt ceiling and make spending cuts without House Republicans first producing a full budget proposal.