US Debt Limit Sparks Political Battle Between Republicans and Democrats.

House Speaker Kevin McCarthy accused President Joe Biden of ignoring the issue of raising the US borrowing authority, while Republicans have failed to detail budget cuts they want before allowing a debt limit increase. The government faces a historic default on its debts without legislation to raise the $31.4 trillion debt limit. Democrats have urged McCarthy to unveil Republicans' plans for cutting spending, saying that additional meetings before that happens would be fruitless. Republicans want Democrats to signal support for significant spending cuts before providing the votes needed in Congress to increase the Treasury Department's borrowing authority.