The White House and Republicans in Congress struggled to make meaningful progress towards a deal to raise the US borrowing limit on Tuesday, leaving the economy and financial markets in a dangerous limbo little more than a week before a potential debt default.
President Joe Biden and Kevin McCarthy, the Republican House Speaker, met on Monday evening at the White House for direct talks they each called “productive”, raising hopes that they were moving closer to an agreement.
But staff-level negotiations that occurred late on Monday and on Tuesday yielded no signs of a breakthrough — just pledges to continue conversations.
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