Debt ceiling negotiators for President Joe Biden and House Speaker Kevin McCarthy are holed up again at the Capitol. Republicans warn there’s a “lack of urgency” at the White House to resolve the budget standoff in time to avert a potentially chaotic federal default. Democrats say Republicans are responsible for the holdup. Failure to strike a deal would be unprecedented, and certain to throw U.S. financial markets into turmoil, inflicting economic pain on households at home and abroad. They are trying to strike a budget deal to lower spending in exchange for a vote to raise the borrowing limit.
