The cost of insuring against a US default hits an all-time high as debt ceiling deadline looms

• The insurance cost against a US default hit a fresh high Thursday as lawmakers wrangle over raising the debt ceiling. 
• One-year US government credit default swaps traded at 152 basis points. 
• President Joe Biden has called leaders in the Republican and Democratic parties to a May 9 meeting. 

The political standoff in Washington over raising the country's $31 trillion debt ceiling drove the cost of insuring against a potential default to new heights Thursday.