President Joe Biden and House Speaker Kevin McCarthy are confident that the United States will not default on its debt, despite ongoing negotiations and the approaching deadline to raise the debt ceiling. The negotiations are now entering a more serious and concrete phase, with the possibility of a deal drawing nearer. However, a key point of contention is the Republican request to attach work requirements to federal food benefits, which Democrats describe as a "nonstarter." Taxes will not be discussed in this debt ceiling debate, according to McCarthy. The consequences of defaulting on sovereign debt would be disastrous for the economy and global markets, with the loss of 2 million jobs even in the case of a brief default. Both sides are working to find common ground and prevent a default before the June 1 deadline.