Reuters. President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the U.S. government's $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the U.S. economy, but vowed to keep talking.
The Democratic president and the top congressional Republican have struggled to make a deal, as McCarthy pressures the White House to agree to spending cuts in the federal budget that Biden considers "extreme," and the president pushes new taxes that Republicans have rejected.
Both sides stressed the need to avoid default with a bipartisan deal after Monday evening's meeting, however, and signaled that they'd be talking regularly in coming days.
A source familiar with the situation said that White House negotiators were returning to Capitol Hill on Monday night to resume talks.
"We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement," Biden said in a statement after the meeting, which he called "productive".
