House Speaker Kevin McCarthy (R-CA) traveled to the New York Stock Exchange on April 17 to warn about the debt ceiling crisis, stating that there is a growing chance of the US "bumbling into the first default in our nation's history." McCarthy and President Joe Biden have settled into a standoff over the issue, with little communication in the last 75 days, and a market-rattling debt limit fight possibly coming within weeks. During his speech, McCarthy announced that House Republicans will try to pass a bill in the coming weeks to raise the debt limit without input from the White House, but even if he is able to reach an agreement, the plan is likely to be rejected by Democrats in the Senate and the White House. The financial markets have watched the debt ceiling saga warily, but investors still consider a default as less likely to happen, according to Morgan Stanley Capital International's credit default swaps. While Wall Street appears unruffled so far, the question remains: Is the US really headed towards its first default in history?