Watch live as White House press secretary Jen Psaki holds briefing

White House press secretary Jen Psaki is holding a briefing with the news media.

This comes as administration is still locked in a battle to raise the debt ceiling and avoid the US defaulting on its debt. If a compromise is not found, the US risks immediate recession, with millions of jobs lost overnight.

Reports on Wednesday suggest Senate Minority Leader Mitch McConnell is offering Democrats a deal that could end the stand-off. The GOP leader issued a statement shortly after a Senate Republican Caucus lunch announcing that he will allow Democrats to increase the nation’s borrowing authority for two months.