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Joe Biden cuts trip short to meet Kevin McCarthy for debt limit talks | USA TODAY

President Joe Biden called on Leader Kevin McCarthy to negotiate the debt limit deal as leaders agreed that defaulting is "not an option."

RELATED: Debt ceiling negotiations could have far-reaching impacts beyond its resolution

In a move akin to raising the limit on country’s credit card, President Joe Biden and House Speaker Kevin McCarthy are in a standoff whether to increase the federal debt ceiling for the 90th time since 1959.

In the simplest terms, McCarthy and Republicans, who hold the majority in the House, say they won't support bumping up the limit without assurances from Biden and Democrats that they'll support spending cuts. Biden says he wants the limit raised and the nation's bills paid before he'll agree to spending cuts.

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