Biden, McCarthy launch high-stakes U.S. debt ceiling talks as clock ticks to default

WASHINGTON, May 9 - President Joe Biden and top lawmakers met face-to-face on Tuesday as a deadlock over raising the $31.4 trillion U.S. debt limit threatened to push the country into an unprecedentedDemocrat Biden, House of Representatives Speaker Kevin McCarthy, a Republican, and three other congressional leadersat the White House after neither side had suggested they would agree to concessions to head off a default as early as June 1.

Earlier Tuesday, McCarthy and the White House separately closed the door to a short-term solution that's been suggested by analysts: lifting the debt ceiling through September to allow more time for agreement.The U.S. Chamber of Commerce, the nation's largest business association, on Tuesday urged a "swift" bipartisan agreement on the debt limit that would also include energy project permitting reform and an agreement on discretionary spending caps.

Biden would agree to a separate discussion on the budget but not tied to the debt ceiling, the White House said.the nerves of investors who last week forced the federal government to pay its highest interest ever for a one-month debt issue.

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