The standoff between House Speaker Kevin McCarthy (R-Calif.) and President Biden over the debt ceiling is fast approaching its ultimate resolution. Estimates are that the debt ceiling will be reached on June 1, which means that a deal must be achieved prior to or at this date to avert some sectors of the government shutting down and/or the government being unable to pay some of its bills. The economic carnage that could occur with the default has been well documented, with ripple effects across the entire economy — both in the United States and in financial markets around the world. Yet in any high-stakes negotiation, there is no incentive for either party to reach a deal and compromise
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