Debt ceiling crisis looms as Biden administration considers options.

The White House is open to a compromise with House Republicans on government spending that also resolves the impasse over the federal debt ceiling, a strategy that could allow both parties to claim victory while averting a national economic catastrophe. President Biden has been adamant that he will not acquiesce to Republicans’ proposed spending cuts to secure their support to raise the debt limit, but Speaker Kevin McCarthy has been equally adamant that the House won’t lift the debt limit without securing cuts. One way out of this logjam would be reaching an agreement that each party then defines differently, with Biden claiming he gave up nothing for the debt limit hike and McCarthy claiming he won concessions on spending.