President Joe Biden and House Speaker Kevin McCarthy (R-CA) will face off at a 4 p.m. Eastern time (2000 GMT) Oval Office session today on raising the $31.4 trillion U.S. debt ceiling to avoid looming default if not resolved by June. Leading up to the meeting, it appears that no agreeable concessions exist between the two sides. A lengthy default could result in a deep recession for the U.S. economy, accompanied by soaring unemployment, and destabilizing the global financial system built on U.S. bonds, according to economists. Biden wants borrowing without limits while House Republicans will only agree to a deal that includes cutting spending. There have been talks of invoking the 14th amendment, however, Biden says, “I’ve not gotten there yet.” This move would likely trigger a legal challenge.