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Vice President Joe Biden is meeting with Republican members of Congress today to negotiate a deal on the national debt ceiling. The United States hit the current debt limit of 14.3 trillion last month, and will only be able to maintain normal operations through early August if no action is taken. Yesterday House Republicans introduced a measure to raise the debt ceiling with no strings attached, and then voted to defeat it. The final tally was 318 to 97 for a vote being widely described as an act of pure political theater. The GOP forced a vote over the objections of House Democrats, who protested bringing a dead-in-the-water measure to the floor. Some feared a no vote would shake investor confidence but the New York Daily News observed, “Wall Street recognizes Tuesday night’s vote on the debt ceiling as nothing but a kabuki dance that likely won’t send the stock market into a tizzy.” House Speaker John Boehner has vowed not to support raising the debt ceiling unless there are cuts in spending. President Obama invited Republican leaders to the White House this morning to discuss the issues.

GUEST: Chris Hellman, Senior Budget Analyst with the National Priorities Project

Find out more at www.nationalpriorities.org.