Debt ceiling: McCarthy wins 1st round, Biden eyes long game

Speaker Kevin McCarthy surprised Washington when he united the raucous House Republican majority to pass a sweeping debt ceiling package. Next moves are more difficult, and uncertain. McCarthy's opening bid is awaiting President Joe Biden's response. So far, the White House is rejecting the Republican proposal for steep spending reductions as a condition for raising the debt limit. It's the first act in what is expected to be a long summer battle over lifting the nation’s borrowing capacity. Biden and the Republicans need to find common ground or risk defaulting on the nation's bills. Economic analysts say the money will run out by July.