WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have turned to a select group of negotiators to work out a deal to increase the nation’s borrowing authority and avoid the economic carnage that could ensue if the U.S. defaults on its debts.
The negotiators are racing to beat a deadline of June 1. That’s when the Treasury Department says the government could begin defaulting on its debts for the first time in history. White House and congressional aides are meeting on a daily basis.
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