Deliberations over the debt ceiling underwent a whirlwind of developments over the weekend as both parties seek to come to an agreement over raising the debt limit.

Still, the impasse remains unresolved as President Joe Biden and House Speaker Kevin McCarthy (R-CA) are set to hold another in-person meeting Monday.

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Treasury Secretary Janet Yellen has repeatedly warned that the United States is likely to run out of cash to meet its obligations as soon as June 1, dubbed the "X-date."

Here is everything you need to know about where negotiations stand.

Next steps
Biden and McCarthy agreed to another meeting Monday during a phone call Sunday while the president was aboard Air Force One on his return from the Group of Seven summit in Japan.

Debt limit negotiators for the two sides are expected to reconvene for another round of deliberations Sunday as well.

Meanwhile, the Senate is slated to be on recess this week and is expected to reconvene in the middle of next week. Senate Majority Leader Chuck Schumer (D-NY) indicated the upper chamber is on standby should a breakthrough take place.

On again, off again
Prior to departing for the G-7, Biden and McCarthy agreed to a new structure for negotiations featuring talks between their negotiators, but those deliberations quickly collapsed in his absence.

On Friday, multiple reports indicated that negotiators hit a snag. McCarthy later confirmed that negotiators took a "pause" amid their frustrations over the Democrats' lack of movement. By the evening, talks appeared back on.

Discussions then broke down again on Saturday.

“Unfortunately, the White House moved backwards," McCarthy said. "I don’t think we’re going to be able to move forward until the president can get back.”

Late last week, the House Freedom Caucus, a group of hardliner conservatives in the lower chamber, called on debt limit deliberations to be suspended "until the Senate passes the legislation."

Sticking points
Back when the United States first rammed up against its $31.4 trillion debt ceiling back in January, McCarthy began demanding any increase be paired with considerable reductions in spending. The White House was adamant that their insistence on a standalone increase was non-negotiable.

But shortly after the House GOP passed their Save, Limit, Grow Act last month to increase the debt limit in exchange for a host of spending cuts and Yellen expedited her warning that the government may not be able to foot all its bills to June 1, the Biden administration started having more dialogue.

McCarthy has maintained that the U.S. "can't be spending more money next year." Behind the scenes, Republican negotiators have rejected a Democratic offer for spending caps on both military and discretionary spending, the Washington Post reported. As a result, the reductions Republicans are seeking would likely run deeper into domestic programs than Democrats want.

Over the weekend, McCarthy suggested Biden's team moved backwards, but White House press secretary Karine Jean-Pierre argued his "team put on the table an offer that was a big step back and contained a set of extreme partisan demands that could never pass both Houses of Congress."

Some reports have also indicated that the two sides are at odds over the length of time spending caps would be imposed, with McCarthy's side wanting it to extend over a decade and Biden's team only two years, according to Reuters.

Democrats have also publicly rejected the GOP's pitch to cut Biden's student loan forgiveness plan or undercut their Inflation Reduction Act. Discussions about rescinding unspent COVID-19 funding and reforming energy permitting appear to be on the table, per Politico.

Another sticking point is having more robust working requirements for social safety programs. Biden previously expressed openness to some reforms in that direction but drew a redline at Medicaid. Progressives have publicly soured on work requirements.

"Much of what they already proposed is simply, quite frankly unacceptable," Biden said at the G7.

Progressive pressure
Throughout the negotiations, many progressives have sat on the sidelines. In private and at times in public, fears have grown that Biden will ultimately cave into the Republicans' demands and embolden future heavy-handed tactics from them.

Last week, a group of nearly a dozen Democratic senators penned a letter to Biden urging him to undergo preparations for the 14th Amendment, which they contend can be used to effectively scrap the debt limit.

On Friday, a group of about 66 House Democrats sent a letter to Biden echoing similar points about the 14th Amendment and warning about the future consequences of capitulating to the GOP.

"Surrendering to these extremist demands also sets a dangerous precedent that emboldens Republicans to pursue additional, anti-democratic hostage taking, particularly after having been told previously that a clean debt-ceiling increase was nonnegotiable," the lawmakers wrote.

Contingency Plans
Two major contingency plans being considered include the use of the 14th Amendment or minting a $1 trillion platinum coin to bypass the debt limit deadlock. The Biden administration has been cautious about both proposals, but the 14th Amendment appears to remain the favored option by many progressives.

The 14th Amendment stipulates that the “validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”

Congress is granted the power of the purse under the Constitution, but some legal experts argue that the 14th Amendment renders it illegal for the U.S. to default on its debts. Therefore, the debt limit in itself could be nixed or somehow cast aside to enable the government to meet its obligations.

White House officials appear unconvinced that it's a silver bullet, including Yellen and Biden. The president previously indicated he was exploring it as an option, but warned it would be "litigated and in the meantime, without an extension, it’d still end up in the same place."

“I’m looking at the 14th Amendment as to whether or not we have the authority — I think we have the authority,” Biden said at a press conference in Hiroshima, Japan. “The question is, could it be done and invoked in time that it would not be appealed, and as a consequence past the date in question and still default on the debt."

One other potential option House Democrats have explored is the use of a discharge petition to bring up a standalone bill or legislation with far fewer cuts than McCarthy is seeking for a vote. Doing so would likely require 218 votes, meaning five Republican defections.

There are also questions about whether it can be achieved before the June 1 "X-date" or whether such a measure could clear the Senate.

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Both sides agree that a default would be economically cataclysmic, risking a major recession and roiling global financial markets. Millions of Americans would likely lose their jobs, and the U.S. could be straddled with elevated interest payments for decades to come, according to some economists.

Biden and most congressional leaders have been adamant that the U.S. will not default on its obligations. McCarthy has not ruled out the possibility.