Biden's Debt Ceiling Meetings Dominate G-7 Summit and Asia Trip.

President Biden's struggle to strike a deal with the new Republican House majority, which is demanding spending cuts in exchange for raising the nation’s debt ceiling, is sparking fears of a historic default that would have a catastrophic effect on the global economic landscape. The White House's debt crisis is causing concerns among G-7 leaders, who are meeting amid a confluence of pressing issues, including China's continued economic rise, the war in Ukraine, and Russia. The joint initiatives being prepared ahead of the summit could amount to little if the U.S. blows a hole in the global economy.