Biden, McCarthy to Meet on Debt Limit

The transcript discusses the upcoming debt ceiling meeting, highlighting the political turmoil and financial market concerns. It covers negotiation strategies from both sides, including President Biden's and House Republicans' deficit reduction plans. Creative solutions like the trillion-dollar coin and the 14th Amendment are explored. The X date, its calculation, and implications are explained, emphasizing the importance of timing and the role of Social Security payments.

What are the potential consequences if Congress fails to act on the debt ceiling?

What is the significance of the X date mentioned in the text?

How does the timing of Social Security payments relate to the X date?