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

Speaker of the House Kevin McCarthy and Rep. Patrick McHenry leave the White House on Monday after discussions with President Joe Biden in the Oval Office. House Republicans are refusing to raise the debt limit unless Democrats impose spending cuts and restrictions on future spending. (Associated Press)

WASHINGTON — 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.

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