Biden, McCarthy met, but no deal on debt ceiling

To avoid running out of cash in 10 days, President Joe Biden and top Republican Kevin McCarthy met yesterday and had a “productive” talk on the debt ceiling but failed to reach a deal. 

However, the House Speaker was positive and told reporters, “I believe we can get a deal done.” 

The debt ceiling is a spending limit that determines how much money can be borrowed by the government. 

If the ceiling is not raised beyond its current cap of $31.4 trillion before the deadline exceeds in June, the country would default on its debt and won’t be able to borrow additional money or pay its bills.