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The 99-page bill produced from their agreement would avoid a federal default while limiting government spending, but the two leaders still have to persuade Congress to pass the bill
House Speaker Kevin McCarthy and President Joe Biden engage in productive discussions on the debt ceiling, as Washington faces a looming deadline.
President Joe Biden and House Speaker Kevin McCarthy both said they had a productive debt ceiling discussion late Monday at the White House, but there was no agreement as negotiators strained to raise the nation's borrowing limit in time to avert a potentially chaotic federal default.
The United States hit its debt limit, beginning a countdown for the Treasury to miss paying a bill and raising fears of a default.