Biden to argue 'Republican obstruction' leading to debt default risk as he convenes business leaders and CEOs

President Joe Biden on Wednesday is set to ramp up the pressure on Republicans as the nation's nears the deadline to raise the debt ceiling on Wednesday, as he looks to argue the GOP is putting the country at risk of a possible debt default by standing firm against raising the nation's debt limit.

"The President will also reiterate the cost of any delay -- with each day of Republican obstruction and political games increasing the risk that even a near-miss default would result in more costs for middle-class families higher interest rate on auto and home loans, as well as credit cards," a White House official said.

The President is set to meet with top banking, financial and other industry leaders at the White House Wednesday as he is ratcheting up the public pressure campaign to raise the nation's debt limit in a bipartisan way as Republicans continue to block efforts to do so. Democrats are able to raise the debt ceiling on their own without Republican votes but would need to use the lengthy reconciliation process to do so. Democratic leaders in the House and Senate have said they are not willing to use that process and instead are looking for Republicans to cooperate with paying the nation's bills.