Just how does this debt limit standoff end?
Plenty of scenarios are being publicly and privately gamed out, but no one knows for sure. The possibilities range from kumbaya to economic chaos with plenty of possibilities in between.
So far, neither President Joe Biden nor House Speaker Kevin McCarthy, R-Calif., is giving ground ahead of talks slated for Tuesday. Biden wants to increase the government's $31.4 trillion legal borrowing limit, so that the federal government can continue to pay its bills and the risk of a historic default goes away. McCarthy and other GOP lawmakers want a deal that guarantees trillions of dollars in spending cuts before they sign on to raising the debt limit.
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