On Capitol Hill, the delicate talks to avert default on the U.S. government’s debts this week took place over middle-of-the-night video calls, marathon meetings in an opulent conference room, and at least one early morning bike ride.
At the White House, evening tour groups were diverted from the West Wing because President Joe Biden was in the Oval Office with his chief of staff and other advisers, who needed his quick feedback.
But all of the talking has so far failed to produce a deal to raise the country’s debt limit, raising fears of a potentially catastrophic default that could upend financial markets, spike interest rates and end in a downgrade of the nation’s credit.