McCarthy urges Biden to take action on debt ceiling negotiations.

House Speaker Kevin McCarthy said there has been "no progress" in debt ceiling negotiations between House Republicans and the White House, as the U.S. inches closer to risking a first-ever default. The U.S. already hit its debt limit, forcing the Treasury to take so-called extraordinary measures to keep paying its bills. The nonpartisan Congressional Budget Office estimated the administration will exhaust its emergency tools sometime this summer, raising the prospect of a default unless lawmakers raise or suspend the ceiling. House Republicans have refused to lift the debt ceiling without promises of spending cuts.