Debt options abound, but can Biden, McCarthy strike a deal?

By LISA MASCARO
AP Congressional Correspondent

The White House and Congress could strike a deal to raise the debt ceiling in exchange for budget cuts. Or they could agree to a stopgap measure to keep paying the nation’s bills while negotiations continue. They could also do nothing, sending the economy into a tailspin. As President Joe Biden prepares to meet with House Speaker Kevin McCarthy and leaders of Congress, the options for easing the debt ceiling standoff are many. But the political incentive for compromise is harder to come by. There’s no easy endgame ahead of a June 1 deadline to raise the debt ceiling or risk default.