President Joe Biden and House Speaker Kevin McCarthy are turning to a select group of negotiators to help work out a deal to increase the nation’s borrowing authority and avoid the economic carnage that could ensue if the U.S. defaults on its debts.
The negotiators are racing to beat a deadline of June 1. That’s when the Treasury Department says the government could begin defaulting on its debts for the first time in history. And while White House and congressional aides have been meeting on a daily basis, there has been concern that there were too many people in the room and not the right people.
