As GOP obstructs, Biden escalates warnings of default

By LISA MASCARO and JONATHAN LEMIRE
Associated Press

WASHINGTON (AP) — President Joe Biden is escalating his campaign to get Congress to lift the federal debt limit. He will host business leaders at the White House on Wednesday and is warning that failure to extend the government’s borrowing authority could set off a global financial crisis. The new pressure comes amid indications Democrats may change Senate filibuster rules to get around Republican opposition. Ahead of Biden’s meeting with CEOs and business leaders, the White House warned that if the borrowing limit isn’t extended, that could send “shock waves through global financial markets and would likely cause credit markets worldwide to freeze up and stock markets to plunge.”