President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation's borrowing limit in time to avert a potentially chaotic federal default. It's a crucial moment for the Democratic president and the Republican speaker, just 10 days before a looming deadline to raise the debt limit. As soon as June 1, Treasury Secretary Janel Yellen said in a letter to Congress, “it is highly likely” the government will be unable to pay all the nation's bills. Such an unprecedented default would be financially damaging for many Americans and others around the world
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