Debt ceiling talks could hinge on budget cuts. (FULL VID ON CHANNEL)

Biden and McCarthy work towards a deal to raise the $31.4 trillion debt ceiling and avoid a default as soon as June 1. But cuts to Social Security and Medicare programs that eat up most of the U.S. budget are off the table.

Instead, funds for education to rail safety to law enforcement could be cut, trims that economists warn will slow U.S. economic growth.

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