Biden, congressional leaders meet to discuss nation's debt limit; McCarthy sees 'no new movement'

House Speaker Kevin McCarthy says a debt deal with President Joe Biden is needed by next week if Washington hopes to avert a catastrophic default.

WASHINGTON — House Speaker Kevin McCarthy said Tuesday after meeting with President Joe Biden and congressional leaders that he “didn’t see any new movement” toward ending a months-long impasse over raising the nation's borrowing limit and averting a potential first-ever U.S. default.

“I asked the president this simple question, does he not believe there’s any place we could find savings,” McCarthy said.

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