As the US inches closer to a potentially disastrous default on its debts, House Speaker Kevin McCarthy and Republican leaders are set to meet with President Biden on Friday to discuss an end to the impasse. Republicans have said that they would tie spending cuts to raising the debt ceiling, which would cause significant problems for Biden's initiatives. The GOP passed a bill in April that would raise the debt ceiling but attached numerous other provisions that would freeze government spending and gut many of Biden's signature programs. The government could run out of funds as early as June 1st. Treasury Secretary Janet Yellen has warned CEOs of the "catastrophic" impact of a default, which would likely trigger a devastating recession and kill millions of jobs. President Biden has insisted that he won't negotiate any spending cuts with GOP leaders until the debt limit is raised. As the deadline approaches, the question arises, what happens if the US defaults on its debt? The impact would be catastrophic, and it's uncertain how long a potential recession could last. One thing's for sure, allowing the US to default on its debts is not an option.