Debt ceiling explained: Why it's a struggle in Washington and how the impasse could end

White House negotiators were back at the U.S. Capitol on Tuesday for another day of discussions with House Republicans over raising the nation’s debt ceiling. This comes just days before the government could run out of cash to pay its bills. The two sides are working to reach a budget compromise before June 1, when the Treasury Department says the country could default. The possible outcomes of a default range from bad to apocalyptic, depending on how long it drags on. President Joe Biden and House Speaker Kevin McCarthy met Monday after a weekend of on again, off again negotiations. After the meeting, McCarthy said the two sides had not yet reached an agreement but the meeting was “productive.” Biden echoed those sentiments.