There is a famous 1972 kid's book called Alexander and the Terrible, Horrible, No Good, Very Bad Day. The title, at least, seems to have become the playbook for the debt ceiling debacle currently unfolding far too slowly.

Examining best guesses on potential outcomes is the closest thing to scenario planning possible. There are two broad categories: President Biden and House Republicans secure a deal, or they don't.

The most optimistic view, the first one, isn't totally out of the question. On Thursday, House Speaker Kevin McCarthy said he can "see the path" to an agreement, according to multiple sources. "I think we have a structure now." The hardline House Freedom Caucus wants no deal without a collection of heavy and weighted budget cuts, a measure called the Limit, Save, Grow Act, which Senate Majority Leader Chuck Schumer said wouldn't have a hope of passing in the Senate.