Debt ceiling explained: What to know about the showdown in Washington as default looms

By MARY CLARE JALONICK, LISA MASCARO and KEVIN FREKING
Associated Press

WASHINGTON (AP) — House Republicans still don’t have a deal with President Joe Biden to raise the nation’s debt ceiling less than a week away from a potentially catastrophic default. House Speaker Kevin McCarthy says negotiators are working to “finish the job” and seal a deal before the country runs out of cash to pay its bills. Republicans worked through the night with the White House to find agreement on spending cuts that GOP lawmakers have demanded in exchange for raising the debt limit and avoiding default. McCarthy says he doesn’t know whether they’ll finalize the details in the next 24 hours.