Biden and McCarthy attempt to resolve debt ceiling deadlock.

President Joe Biden and House Speaker Kevin McCarthy are set to meet on Tuesday to discuss a way to break the logjam on the debt ceiling, with fears of a self-inflicted economic calamity growing as Republicans demand spending cuts. Failure to reach an agreement to lift the borrowing limit threatens the first-ever default on the nation’s $31.4 trillion debt, an outcome that could prove catastrophic for the U.S. economy and upend the political landscape. The meeting among Biden, McCarthy, and other congressional leaders was postponed from Friday, and it's unclear how much progress they have made.