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

By LISA MASCARO and MARY CLARE JALONICK (Associated Press)

WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy met Monday after a weekend of on again, off again negotiations over raising the nation’s debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills.

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he two sides are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could default. S

p

eaking to reporters after Monday’s meeting, McCarthy said the two sides had not yet reached an agreement but the

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