Debt ceiling talks at a standstill, economic disaster looms.

A second meeting between White House and Republican congressional negotiators on raising the federal government's $31.4 trillion debt ceiling broke up with no progress cited by either side and no additional meeting set. Republicans are pushing for sharp spending cuts in exchange for the increase in the government's self-imposed borrowing limit, a move needed regularly to cover costs of spending and tax cuts previously approved by lawmakers. Democrats have been pushing to hold spending steady at this year's levels, while Republicans want to return to 2022 levels.