President Biden has no good options in Washington's fight over raising the debt limit.
The U.S. could be unable to pay all of its bills as soon as June lif Biden and congressional Republicans can't reach a deal-and every path forward carries political risks for the president.
A government default could tip the country into recession and potentially unleash global financial chaos as Biden seeks re-election. Untried methods to pay the nation's bills without Congress acting could also carry economic costs and could require Biden to make painful political choices about who gets paid first.
Still, even holding spending talks with Republicans over the issue is courting backlash from progressive lawmakers, who say Biden is backtracking on his refusal to negotiate over raising the borrowing limit.
Biden met with House Speaker Kevin McCarthy (R., Calif.) Monday evening to try to break the impasse. McCarthy has said a deal must be reached this week to have time for the legislation to pass Congress.
While McCarthy is likely to win concessions on spending, any reductions may not be deep enough to please the most conservative members of his conference. That could potentially undercut support for him as speaker. He could also share blame for a sudden collapse in the economy in the event of a default.
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