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

President Joe Biden and House Speaker Kevin McCarthy are to meet face to face on Monday after a weekend of on again, off again negotiations over raising the nation’s debt ceiling. Their meeting comes 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. McCarthy and Republicans are insisting on spending cuts in exchange for raising the debt limit; Biden has come to the negotiating table after balking for months but says the GOP lawmakers will have to back off their “extreme positions.”