Debt limit talks constructive but Democrats urge Biden to take action.

Talks between congressional staff and the White House regarding the US debt limit have been "constructive," according to Deputy Treasury Secretary Wally Adeyemo. President Biden is expected to meet with congressional leaders to discuss progress, but there is still no clear path forward to avoid default. Adeyemo warned that default would be "catastrophic" and called on Congress to act. Business leaders have also warned of market panic in the absence of a deal. Biden has indicated that he is prepared for talks to go down to the wire and has resurfaced the controversial idea of invoking the 14th Amendment to lift the borrowing cap without Congress.