In a high-stakes showdown this week, President Biden and the leaders of congress met face to face in an effort to avoid the United States defaulting on its debt for the first time in history.
Jim Tankersley, a White House correspondent for The Times, explains how close the country is to financial calamity, and the radical step Biden might take to avoid it.
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Yesterday
War in Iran Triggers Chaos in Global Oil Market
As Iran has tightened its chokehold on one of the world’s most vital shipping routes and the Trump administration sent mixed signals about how long the war would last, oil prices have swung wildly. Rebecca F. Elliott, who covers energy for The New York Times, explains just how mu ... Show More
29m 21s
May 2023
Playing chicken with the debt ceiling
<p><br></p><p><span style="background-color: transparent; color: rgb(0, 0, 0);">Congress and President Biden have five weeks to strike a deal on raising the debt ceiling, according to a new projection from the Treasury Department. Otherwise, the country will need to brace for an ... Show More
19m 29s
May 2023
On the Debt Ceiling, the White House Is Doing What It Said It Wouldn't Do
In 2011, then-Vice President Biden had a front row seat to a bruising debt ceiling standoff between President Barack Obama and House Speaker John Boehner. That fight arguably derailed the Obama presidency and the nascent economic recovery. After that experience, Biden and his tea ... Show More
43m 49s