Biden McCarthy
President Joe Biden walking past House Speaker Kevin McCarthy at a luncheon in March.
  • The US could breach the debt ceiling and run out of money to pay its debts as soon as June 1.
  • Other debt-ceiling crises have been solved through bipartisan deals, but this one is tense.
  • Republicans want major spending cuts, and Democrats want a no-strings-attached increase.

When it comes to raising the debt ceiling and averting an entirely preventable economic catastrophe, the US is on a road to nowhere — and time isn't on Congress's side.