Biden could try to negotiate a deal with Speaker McCarthy that would be acceptable to both him and the President. The White House officials talk about spending limits as a possible anchor of a deal. But it's not clear that would work. Biden could also try to cut a deal with just enough Republican votes to join with Democrats in the House and Senate to raise the debt limit.
In a high-stakes showdown this week, President Biden and the leaders of congress met face to face in an effort to avoid the United States defaulting on its debt for the first time in history.
Jim Tankersley, a White House correspondent for The Times, explains how close the country is to financial calamity, and the radical step Biden might take to avoid it.
Guest: Jim Tankersley, a White House correspondent for The New York Times.
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