'Crunch' time in debt ceiling talks, as McCarthy and Biden reach for a deal with deadline looming
House Speaker Kevin McCarthy and debt ceiling negotiators have hit “crunch” time as they strain to make a deal with the White House to raise the nation's debt limit, avert default and cut federal spending WASHINGTON -- House Speaker Kevin McCarthy and his Republican debt negotiators hit “crunch” time Friday at the Capitol, straining to wrap up an agreement with President Joe Biden to curb federal spending and lift the nation's borrowing limit ahead of a fast-coming deadline. They hope to end weeks of frustrating talks and strike a deal by this weekend. Treasury says the government could start running out of money as soon as next Thursday, sending the U.S. into a potentially catastrophic default with economic spillover around the world. Anxious retirees and social service groups were among those making default contingency plans as lawmakers left town for the long holiday weekend. The next batch of Social Security checks are due to go out next week. “The world is watching,"...