President Joe Biden and congressional leaders, including top Republicans, are set to meet on Tuesday to discuss the debt ceiling, as the US faces the possibility of defaulting on its national debt if Congress does not raise the borrowing limit by June 1. If the US does default, it could undermine America's national credit rating, its financial markets, and the world's capital markets, resulting in short-term chaos. While the president is unwilling to negotiate over the debt ceiling itself, he is open to discussing spending cuts that Republicans are advocating for as part of the budget process. Nonetheless, Republicans continue to insist on linking these cuts with the debt ceiling increase, prompting an impasse between the two parties. Some have suggested that Biden could potentially use the 14th Amendment to bypass the debt ceiling, but the president has so far refused to take such a route and has stressed that it is Congress' constitutional obligation to resolve the debt ceiling crisis. As the deadline approaches, the stakes are high, and the consequences of a potential default could be severe for the US and the global economy.