President Joe Biden on Wednesday emphasized the importance of avoiding a U.S. default, as he delivered a speech in which he criticized House Republicans’ debt-limit bill. “If we default on our debt, the whole world is in trouble,” Biden said, as he spoke at a community college in New York’s Westchester County. While a breakthrough doesn’t appear imminent in Washington’s debt-ceiling standoff, there is increasing chatter about what could go into a bipartisan deal that ends the stalemate and avoids a market-shaking default.

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