In race against time for US debt crisis, ball is in lawmakers' court

Lawmakers return Tuesday from a holiday weekend with precious few days to review, debate and ultimately greenlight a measure intended to extend US borrowing authority in exchange for White House policy concessions, notably caps on federal spending.

The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all. If that scenario morphs into a full-fledged default, the repercussions would be disastrous for the US and wider global economy. "I want to raise the debt ceiling. It'd be irresponsible not to do it," Senator Lindsey Graham told Fox News Sunday.

Biden had initially refused to negotiate over spending issues as a condition for raising the debt ceiling, accusing the Republicans of taking the economy hostage.

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