Biden says 'there will be no default'

WASHINGTON, D.C.: President Joe Biden declared Thursday the United States would avoid a disastrous credit default even as lawmakers went on a 10-day break without a deal on raising the nation's borrowing limit to keep paying the bills.

There are seven days until June 1 — the earliest possible point when the government estimates it could run out of money to service its debts — and missed loan repayments would likely spark a recession, roiling world markets.