In order to keep paying the nation's bills and stave off an economic meltdown, U.S. President Joe Biden and his Republican rivals are trying to figure out how to end the stalemate over raising the nation's debt ceiling.
While Biden described their most recent talks as “productive,” House Speaker Kevin McCarthy said he “didn’t see any new movement” towards resolving the issue.
Jackson Proskow explains how the two leaders are at a stalemate, and the potential worldwide repercussions of the U.S. government defaulting on its debt.
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