If there's no deal between Pres. Biden and House Speaker Kevin McCarthy, here are possible options being discussed to avoid or delay default:
May 12, 2023, 5:10 AMU.S. Senate Minority Leader Mitch McConnell , Speaker of the House Kevin McCarthy , President Joe Biden, and Senate Majority Leader Chuck Schumer meet in the Oval Office of the White House, May 9, 2023, in Washington.for lawmakers to reach a debt ceiling deal or risk an unprecedented default, several emergency scenarios and short-term fixes are being debated.
Two potential areas of agreement in budget negotiations appeared to have emerged: unspent COVID-19 money and energy permitting reforms. "I'm not ruling anything out," Biden said when asked Tuesday whether he'd support a short-term increase."He's gotta stop ignoring problems," McCarthy said about Biden. "And why continue to kick the can down the road? Let's solve it now."
President Joe Biden delivers remarks regarding the debt limit meeting in the Roosevelt Room of the White House, May 9, 2023, in Washington.MORE: Using 14th Amendment to solve debt ceiling would risk 'constitutional crisis,' Yellen says Biden revealed Tuesday that his team hadn't looked into the idea of a trillion-dollar coin as a potential workaround, and Yellen previously
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