Make the meatballs: In a large bowl, mix together beef, bread crumbs, Parmesan, chopped basil, egg, salt and garlic. Roll into 1¼-inch balls.

Set pressure cooker on medium heat (or the sauté function), and heat 2 tablespoons oil in the pot. Stir in garlic, tomato paste, red pepper and black pepper, and cook for 1 minute or until fragrant. Deglaze with red wine, scraping up any browned bits on bottom of pot. Stir in tomatoes, salt, basil sprigs and olives (if using); cook, stirring occasionally, for 2 minutes.

Pour 2 1/4 cups boiling water into sauce in pot,. Add meatballs, cover and cook at high for 10 minutes

Release pressure, uncover, carefully remove meatballs. Place spaghetti on the sauce and drizzle remaining 1 tablespoon oil over spaghetti, stirring gently. Put meatballs on top of spaghetti.

Cover and cook on high pressure for 7 minutes. Manually release the pressure, then remove the cover and stir to separate the spaghetti. Stir in 2 tablespoons Parmesan. At this point, the pasta will be almost but not quite cooked through. Place the top back on the pressure cooker (loosely) and let it sit for 3 to 10 minutes, until the sauce has thickened and spaghetti is al dente but not mushy.