In a high-stakes showdown this week, President Biden and the leaders of congress met face to face in an effort to avoid the United States defaulting on its debt for the first time in history.

Jim Tankersley, a White House correspondent for The Times, explains how close the country is to financial calamity, and the radical step Biden might take to avoid it.

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

Background reading: 

• The president has not wavered in his calls for Republicans to raise the nation’s borrowing limit without conditions. Privately, his aides have discussed other paths.
• What could a possible bipartisan deal to raise the debt ceiling look like?

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