Debt limit battle intensifies as Biden and McCarthy continue talks.
President Biden is increasing pressure on House Republicans to lift the nation's borrowing authority without any strings attached. He will travel to New York to argue against a measure passed by House GOP lawmakers that would lift the debt limit for about a year while curbing some federal spending. The White House warns that an unprecedented debt default would threaten millions of jobs and raise the prospect of a recession. The stalemate comes as the U.S. government is rapidly bumping up against its legal borrowing authority, meaning that it may not be able to pay its bills as early as the start of next month unless lawmakers agree to lift the limit.