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US politicians scramble to secure a cross-party deal on raising the national debt limit to avoid a potential default.

Deal to raise the nation's death limit. now is the hard part. the convince party members to put it forward. they call on the house and senate. it would raise the debt ceiling until january 2025 and budget caps for the next two years keeping non-defense spending flat for this year and allowing for a 1% increase the year after. >> president biden: this is a deal that is good news i believe you'll see for american people and prevents the worst possible crisis, default for the first time in our nation's history. an economic recession, retirement accounts devastated and millions of jobs lost. >> re...

Oo about cutting spending. and one final note that ebony might not have realized, because of the sequester, government spending has gone down two consecutive years in a row. this has not happened since president truman. so sequestration is working for americans, they're not hurting, the sky is not falling. >> ebony, would you consider tax cuts? you're a democrat and talking about tax increases, but the you cut taxes, presidents reagan and george w. bush, when they cut tax rates, the economy expanded. you wouldn't want to do that again? >> i wouldn't say i would be all-out opposed to it, but i ...

Because of our military. but without the military, it is possible there's no reason for us to be meeting. >> the president's budget remains a hard sell for his fiscal hawks. congressman mark meadows among them chairs the freedom caulkoucaulk o -- caucus. >> the taxpayer lost. we were making sure we funded the military and kept other spending flat. that's what we passed. yet what we got put on -- on the house floor just -- just a few hours later was unbelievable budget deal that spent american taxpayer dollars. >> so what is in it? we carry the president live in the meeting and talking about in...