President Joe Biden is escalating his campaign to get Congress to lift the federal debt limit, hosting business leaders at the White House Wednesday and warning in a new report that failure to extend the government’s borrowing authority could set off a global financial crisis.
The moves come amid indications Democrats may change Senate filibuster rules to get around Republican opposition.
Biden will host a number of CEOs — including the heads of banks like Citi, JP Morgan Chase and Bank of America — to underscore the severe ramifications if the government runs out of money to cover its bills.
