The latest TIME suggests the answer to that question will depend on the demands of U.S. Senate Minority Leader Mitch McConnell:

As bipartisan budget and debt-ceiling talks at Blair House intensify, the question is, What will McConnell want in exchange for a hike in the debt ceiling? Deeper cuts in federal spending look certain, perhaps $6 trillion worth. McConnell says he is opposed to new taxes but is open to a short-term debt-limit extension — one that would require another debt-limit vote next year and the additional cuts that come with it. McConnell prefers that any deal include changes to Medicare, though that looks less likely now that the GOP is wondering if Paul Ryan’s Medicare plan is a recipe for electoral suicide. On that point, McConnell tries to sound sanguine. “I think we will have done something significant to alter the trajectory long term on Medicare well before the election,” he says.