Top White House officials and Republican lawmakers are racing to reach an agreement as the date when the United States is projected to default on its debt approaches.

Jim Tankersley, who covers the White House for The New York Times, looks at the state of the negotiations and explains what it will take to win over enough votes in Congress to avoid an economic disaster.

Guest: Jim Tankersley, a White House correspondent for The New York Times.

Background reading: 

• The details have not been finalized, but the deal taking shape would allow Republicans to point to spending reductions and Democrats to say they had prevented large cuts.
• The longer it takes to reach an agreement, the more turmoil there could be for the United States and the global economy. Here’s what to know.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.