We want to begin tonight at the White House with debt-limit negotiations taking place with the full faith and credit of the United States hanging in the balance. President B met with House Speaker K.M in the Oval office this evening in an effort to cut a deal that both sides can support. While the nation has been down this road before, the consequences of not reaching deal are not dire. Economists and business leaders warned of the catastrophic impact a default would have on the economy and financial markets around the world. Americans would begin feeling the ramifications almost immediately. Sixty-six million social security checks could be delayed while funding for food stamps and Medicaid would also be impacted. Paychecks for active-duty military members could be held up, some critics say would harm national security.

Treasury Secretary J.Y is issuing her starkest warning yet, that is highly likely the US will default on its bills as early as June 1st if Congress does not raise the debt ceiling. Despite that urgency, in another meeting here at the White House, tonight, there is no deal. President B and Speaker M met one on one this evening, both men hoping for a breakthrough. Congress must raise the nation’s borrowing in the next few days or risk the US defaulting on its debts. This afternoon, M said negotiators were on the right path. Republicans are demanding deep spending cuts in exchange for raising the debt ceiling. Sources tell CBSN the White House has offered to keep spending flat from this year to next. Republicans say they want to increase the defense spending while cutting everything else by up to twenty-two percent. Economists say failing to reach a deal would be disastrous and lead to a recession.