(NewsNation) — President Joe Biden and House Speaker Kevin McCarthy both held press conferences regarding negotiations on the debt ceiling. If the debt ceiling is not raised, the U.S. could default on its financial obligations as soon as June.

The two men presented vastly different pictures of the negotiations, with Biden striking a reassuring tone while McCarthy blamed the president for any possible future default. If the debt ceiling is not raised, the U.S. could find itself unable to meet financial obligations this summer.

Biden sought to reassure that negotiations are ongoing, though he referred to the discussion as budget negotiations, declaring there was no chance of the U.S. defaulting.

“America is not a deadbeat nation, we pay our bills. Our nation has never defaulted on our debt and we never will,” Biden said.

The president canceled a planned trip to Australia and Papua New Guinea in order to return to Washington following the G-7 summit in order to continue discussions over the debt ceiling.

Both leaders have appointed designees to continue talks while Biden is out of the country, though McCarthy said Biden should skip the gathering of political leaders. McCarthy repeatedly placed blame for the potential default on Biden’s shoulders, saying he had failed to work with Republicans and was too focused on external issues rather than those inside the U.S.

Two sticking points in negotiations are work requirements for those receiving government assistance and tax hikes for corporations and the wealthy.

In his remarks, Biden promised that work requirements would not change significantly and he would not support any requirements that would negatively impact people’s health. He also pointed to a potential $3 trillion deficit reduction over the next decade if his proposed budget were to pass, as a result of increased taxes on corporations and decreased subsidies for big pharma and big oil.

McCarthy said his party is not open to any deal that involves raising taxes on corporations or the wealthy and would not drop negotiations on work requirements.

“We’re not going to raise taxes and we’re not going to pass a clean debt ceiling,” McCarthy said, accusing Biden of refusing to negotiate and saying the president was playing “Russian roulette” with the economy.

It’s impossible to put a precise date on when the U.S. will run out of money if the debt ceiling isn’t raised, but both sides can agree that the time to make a deal is running short. If both parties are unable to come to a deal quickly, experts say there could be catastrophic consequences for the economy.