Biden leads talks on U.S. debt ceiling with party leaders.

President Joe Biden and top Republican lawmakers will meet to discuss raising the $31.4 trillion U.S. debt ceiling, with the looming prospect of an unprecedented default in three weeks if Congress does not act. Economists warn that a lengthy default could send the U.S. economy into a deep recession with soaring unemployment while destabilizing a global financial system that's built on U.S. bonds. House of Representatives Republican Speaker Kevin McCarthy has said his chamber will not approve any deal that does not cut spending to address a growing budget deficit, and on Tuesday signaled he wasn't open to short-term fixes. The U.S. Chamber of Commerce urged a "swift" bipartisan agreement on the debt limit that would also include energy project permitting reform and an agreement on discretionary spending caps.