Biden and McCarthy name negotiators to avoid national default.

President Joe Biden and House Speaker Kevin McCarthy have named top negotiators to negotiate a deal to avert an unprecedented national default. The fresh set of negotiators means discussions are now largely narrowed to what the White House and McCarthy will accept in order to allow lawmakers to raise the debt limit in the coming days. Negotiators are racing to beat a deadline of June 1, which is when the Treasury Department has said the U.S. could begin defaulting on its debts for the first time in history and risk a financial catastrophe.