Biden to discuss U.S. debt with McCarthy

STORY: At an event with city mayors, Biden said a U.S. debt default would be a calamity unlike anything ever seen in the United States financially. He did not provide details on when he might talk to McCarthy.

The U.S. government hit its $31.4 trillion borrowing limit on Thursday, a figure that reflects money already spent by the government. House Republicans want cuts to government programs before they will approve a higher ceiling; a similar demand sparked a 2011 credit rating downgrade and chaos in financial markets.