Biden enlists CEOs to pressure GOP as potential US default looms

A potential U.S. default is less than two weeks away.

President Joe Biden ratcheted up pressure on Republicans Wednesday, hosting the heads of several major banks and corporations to discuss the dangers of the U.S. defaulting on its debts. That could happen in less than two weeks if Congress doesn't act, with a catastrophic impact on the economy.

"It's not right," Biden said of Republicans' ongoing refusal to vote to raise the debt ceiling. "And it's dangerous."

"The path Republicans offer would take us right to the brink and cause irreparable economic damage in my view," he added. "So let's vote, and end this mess today."

The Senate was scheduled to hold a procedural vote on lifting the debt ceiling Wednesday afternoon, which requires 60 votes to pass. Senate Minority Leader Mitch McConnell has said Republicans in the Senate will filibuster a House-passed measure that would suspend the debt limit -- and avoid a potential default -- until December 2022. At least 10 Republicans would need to join all Senate Democrats to break a GOP filibuster and allow a simple majority vote to pass the bill.