WASHINGTON (NewsNation) — The U.S. Treasury Department’s deadline forecasting the earliest the nation could risk a default looms and negotiators have yet to agree on a deal to raise the debt ceiling limit and spending.
Negotiations between the White House and Speaker Kevin McCarthy (R-Calif.) are set to resume Tuesday. Yet, McCarthy suggests he and President Joe Biden should be meeting one on one, as he knows negotiations aren’t in a good place.
“I don’t think we’re in a good place. I know we’re not. This ignoring the problem, thinking it’s going to go away. He could bumble his way just into a default like he did on the on the border,” McCarthy said.
Biden said there’s been “no progress” on debt ceiling negotiations.
McCarthy echoed that despite staff talks that happened leading up to Tuesday afternoon’s meeting.
McCarthy and Biden are set to be joined by Senators Mitch McConnell and Chuck Schumer, and U.S. Rep. Hakeem Jeffries.
Biden and McCarthy, along with other congressional leaders, sat down last week in their first talks on the debt ceiling since February.
Following the meeting, McCarthy said the meeting produced little movement, but that discussions would continue between staff in the days ahead before principal leaders are set to meet again.
Gene Sperling, the senior advisor to the president, told NewsNation that the two-and-a-half-hour-long meeting was “productive. He also warned that the reaction in the markets would be like the 2008 financial crisis if a deal isn’t made.
U.S. Treasury Secretary Janet Yellen has said the country could run out of money to pay its debt as early as June 1, an estimate she reaffirmed on Monday.