Bipartisan House group unveils plan to avoid U.S. default

The bipartisan Problem Solvers Caucus on Wednesday released a proposal for avoiding a default on U.S. debt if the White House and congressional leadership fail to reach an agreement.

Why it matters: Congressional leaders have begun openly referencing the prospect of defaulting as House Republicans and the Biden administration dig into diametrically opposite positions.

Officials have warned the U.S. could reach the fiscal cliff as soon as this summer.

House Speaker Kevin McCarthy (R-Calif.) said Monday he hasn't heard from President Biden since they met in early February.