The Uncertain Future of the US Debt Limit Standoff.

President Joe Biden and House Speaker Kevin McCarthy are at a standstill over raising the US debt limit, with Biden wanting to increase the limit to avoid a historic default and McCarthy wanting spending cuts before agreeing to raise the limit. Possible outcomes include a short-term extension, Republicans holding firm and forcing Democrats to wobble, a market meltdown, Biden playing the Constitution card, or the scariest possibility of a default that could cost the economy millions of jobs. Time is short, with the Treasury Department warning of a potential default as soon as June 1 if there is no deal.